FTAC Athena Acquisition Corp. Announces it Will Redeem its Public Shares

Rhea-AI Summary

FTAC Athena Acquisition Corp. announced its intention to dissolve and liquidate as it failed to complete an initial business combination within the required time frame. Effective February 24, 2023, the company will redeem all outstanding Class A ordinary shares at approximately $10.17 per share. The shares will be cancelled post-redemption, with holders receiving their pro rata share from the trust account. The company's sponsors have waived their redemption rights. Following dissolution, the company plans to delist its securities from Nasdaq and file Form 15 to terminate securities registration under the Securities Exchange Act of 1934.

Positive

• Redemption of Class A ordinary shares at approximately $10.17 per share provides liquidity to investors.

Negative

• Failure to complete a business combination suggests operational challenges and limits future growth prospects.
• The company's securities will be delisted from Nasdaq, impacting visibility and trading volume.

PHILADELPHIA, PA, Feb. 17, 2023 (GLOBE NEWSWIRE) -- FTAC Athena Acquisition Corp. (NASDAQ:FTAA) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced that, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Charter”), the Company intends to dissolve and liquidate in accordance with the provisions of the Charter, effective as of the close of business on February 24, 2023, and will redeem all of the outstanding Class A ordinary shares that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.17.

As of the close of business on February 24, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.

In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account, less $100,000 of interest to pay dissolution expenses and net of taxes payable, by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after February 24, 2023.

The Company’s sponsors have agreed to waive their redemption rights with respect to their ordinary shares. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

The Company expects that the Nasdaq Stock Market LLC will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. The Company anticipates that the Public Shares, as well as the Company’s publicly traded units and warrants, will cease trading as of the close of business on February 23, 2023.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements.” 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 filed with the SEC and subsequent reports filed with the SEC, as amended from time to time. Copies of these documents 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 law.

Contact Information:

Mehar Jagota
mehar@cohencircle.com
(484)-995-3030

FAQ

What is the redemption price for FTAAU stocks after the liquidation?

The redemption price for FTAAU stocks is approximately $10.17 per share.

When will FTAC Athena Acquisition Corp. complete its liquidation process?

The liquidation process is expected to be completed within ten business days after February 24, 2023.

What happens to the shares after the redemption on February 24, 2023?

After February 24, 2023, the Public Shares will be cancelled and holders will receive their pro rata portion of the trust account.

Will there be any liquidating distributions for the company's warrants?

No, there will not be any redemption rights or liquidating distributions for the company's warrants, which will expire worthless.

What will happen to FTAC Athena Acquisition Corp.'s securities post-dissolution?

The company plans to file a Form 25 to delist its securities and a Form 15 to terminate registration under the Securities Exchange Act.