Glenfarne Merger Corp. Announces Delisting of its Securities from the Nasdaq Stock Market LLC

Rhea-AI Summary

Glenfarne Merger Corp. (NASDAQ: GGMCU, GGMC, GGMCW) has announced its intention to dissolve and liquidate due to the inability to complete a business combination within required timeframes. The company’s trust account has been liquidated, redeeming approximately 26.9 million public shares at $10.10 each on December 21, 2022, followed by an additional 339,716 shares redeemed on December 22, 2022. Trading on Nasdaq was suspended on December 16, 2022, and the company plans to file for termination with the SEC, ceasing all listings and registrations.

Positive

• Redemption of 26,914,546 public shares at $10.10 reflects a return of capital to shareholders.

Negative

• Inability to consummate an initial business combination may indicate operational challenges.
• Suspension of trading on Nasdaq and impending delisting signal reduced market presence and investor confidence.

NEW YORK--(BUSINESS WIRE)-- Glenfarne Merger Corp. (Nasdaq: GGMCU, GGMC, GGMCW) (the “Company”) previously announced that it intends to dissolve and liquidate in accordance with its Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), including the redemption of all of its outstanding shares of Class A common stock (the “public shares”) that were included in the units issued in its initial public offering on December 16, 2022 (the “Redemption Date”) because the Company will not be able to consummate an initial business combination within the time period required by its Certificate of Incorporation.

The Company today announced that its trust account established in connection with the Company’s initial public offering has been liquidated and that 26,914,546 of the Company’s public shares were submitted to the Company’s transfer agent, Continental Stock Transfer & Trust Company, and were redeemed on December 21, 2022 at a price of approximately $10.10 per share. As of December 22, 2022, an additional 339,716 public shares were delivered to the Company’s transfer agent and were redeemed on December 22, 2022 at the same redemption price.

Trading of the Company’s public shares on the Nasdaq Stock Market LLC (“Nasdaq”) were suspended on December 16, 2022 and Nasdaq filed with the Securities and Exchange Commission (the “SEC”) on December 16, 2022 a Form 25 to delist the Company’s securities from Nasdaq. The Company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. The Company’s securities will not be listed or registered on another national exchange or on a quotation medium.

About Glenfarne Merger Corp.

Glenfarne Merger Corp. is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination with one or more businesses.

Forward-Looking Statements

The foregoing communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the proposed early unwind of the Company, the estimated per-share redemption price and timing for redemptions and delisting of the Company’s securities. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the receipt of the requisite stockholder approval of the Early Termination Proposals. These forward-looking statements speak only as of the date of the foregoing communication, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of the Company, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for risks and uncertainties related to the Company’s business which may affect the statements made in this communication.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221223005242/en/

Kris Cole

Pro-glenfarne@prosek.com

(310) 652-1411

Source: Glenfarne Merger Corp.

FAQ

What is the latest update from Glenfarne Merger Corp. regarding its business operations?

Glenfarne Merger Corp. announced plans to dissolve and liquidate due to failure to complete a business combination within required timeframes.

What is the redemption price for Glenfarne Merger Corp.'s public shares?

The redemption price for Glenfarne Merger Corp.'s public shares is approximately $10.10 per share.

When were Glenfarne Merger Corp.'s public shares redeemed?

Public shares of Glenfarne Merger Corp. were redeemed on December 21 and December 22, 2022.

What impact does the suspension of trading have on Glenfarne Merger Corp. shares?

The suspension of trading on Nasdaq indicates reduced market presence and could affect investor confidence.

What steps is Glenfarne Merger Corp. taking regarding its SEC registration?

Glenfarne Merger Corp. plans to file a Form 15 with the SEC to terminate its registration under the Securities Exchange Act of 1934.