FinTech Evolution Acquisition Group Announces Liquidation
FinTech Evolution Acquisition Group (NYSE: FTEV) has announced its decision to dissolve and liquidate due to an inability to complete a business combination in the required timeframe. All outstanding Class A ordinary shares will be redeemed at an estimated price of $10.18, with trading of these shares expected to cease on March 3, 2023. Shareholders will receive redemption payments following the cancellation of shares on March 13, 2023. The company’s sponsor has waived redemption rights on Class B shares, while warrants will expire worthless. The trust account's assets will be liquidated for disbursement to shareholders.
- Shareholders will receive a redemption amount of approximately $10.18 per share.
- The company is complying with its Charter provisions for liquidating and redeeming shares.
- Inability to find a business combination indicates potential management inefficiencies.
- Expiration of warrants signifies no further financial recovery or profit opportunities for investors.
New York, New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- FinTech Evolution Acquisition Group (the “Company”) (NYSE: FTEV), announced today that due to its inability to consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association (the “Charter”), the Board of Directors of the Company has elected to dissolve and liquidate the Company in accordance with the provisions of its Charter, 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 currently estimated to be approximately
As of the close of business on March 13, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount. The Company anticipates that the last day the Public Shares will trade is March 3, 2023. Trading of Public Shares will be suspended effective before the opening of markets on March 6, 2023.
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 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 March 13, 2023.
The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding Class B ordinary shares issued prior to the Company’s initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
About FinTech Evolution Acquisition Group
FinTech Evolution Acquisition Group is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its efforts on Financial Technology and technology-enabled services (“FinTech”) businesses that offer specific technology solutions, broader technology software, or services/products to the financial services industry.
Forward-Looking Statements
This press release may include, 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 other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of 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 Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our 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 registration statement and prospectus for the Company’s initial public offering filed with the SEC. 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:
Rohit Bhagat/Michael Latham
650.739.6741
rohit@fintechevolution.net/mike@fintechevolution.net
FAQ
What is the reason for FinTech Evolution Acquisition Group's liquidation?
What will happen to FTEV shares after the announcement?
What is the expected redemption price for FTEV shares?
When will the redemption of FTEV shares be completed?
What happens to the warrants of FinTech Evolution Acquisition Group?
