SOAR Technology Acquisition Corp. Intends to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

SOAR Technology Acquisition Corp. (FLYA) has announced an extension for completing its initial business combination by three months, moving the deadline from December 20, 2022, to March 20, 2023. The company's sponsor will deposit $2,300,000, equating to $0.10 per public share, into the trust account for public shareholders by the December 20 deadline. This extension indicates commitment to find a suitable acquisition target, reflecting a strategic move in the tech-enabled industry.

Positive

• Extension of business combination deadline allows for potential acquisition opportunities.
• Sponsor's deposit of $2,300,000 demonstrates financial support and commitment to shareholders.

Negative

• Delay in business combination could raise concerns among investors about acquisition viability.
• Extension suggests previous challenges in identifying suitable merger targets.

NEW YORK--(BUSINESS WIRE)-- SOAR Technology Acquisition Corp. (“SOAR” or the “Company”) announced today that it intends to extend the period of time it has to consummate its initial business combination by three months from December 20, 2022 to March 20, 2023. The Company has been advised by its sponsor, SOAR Technology Sponsor, LP, that it intends to deposit an aggregate of $2,300,000 into the Company’s trust account for its public shareholders, representing $0.10 per public share, on or prior to December 20, 2022.

About SOAR Technology Acquisition Corp.

SOAR Technology Acquisition Corp. is led by Joe Poulin through his family office, JPK Capital, and supported by Peter Kern and the Inovia Growth Fund II, represented by Chris Arsenault and Patrick Pichette. SOAR is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar transaction with one or more businesses or entities in the greater technology or tech-enabled industries.

Cautionary Note Concerning Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions, as they relate to the Company or the Company’s management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk factors” section of the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. Copies are available on the SEC’s website at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005353/en/

Rory Shepard

SOAR Technology Acquisition Corp.

rory.shepard@soartechnologyacq.com

Source: SOAR Technology Acquisition Corp.

FAQ

What is the new deadline for SOAR Technology Acquisition Corp.'s business combination?

The new deadline is March 20, 2023.

How much money is being deposited into SOAR's trust account?

An aggregate of $2,300,000 will be deposited, amounting to $0.10 per public share.

Why is SOAR Technology Acquisition Corp. extending its business combination period?

The extension provides additional time to identify and complete a suitable business combination.

What does this extension mean for SOAR Technology Acquisition Corp.'s investors?

The extension may signal ongoing efforts to secure a beneficial acquisition, though it may raise concerns about past challenges.