Global Technology Acquisition Corp. I Announces Liquidation
Global Technology Acquisition Corp. I (Nasdaq: GTAC) has announced its liquidation due to its inability to complete an initial business combination within the required timeframe. The company will redeem all outstanding Class A ordinary shares at approximately $11.50 per share. Key dates include:
- October 17, 2024: Expected last day of trading on Nasdaq
- October 18, 2024: Public Shares deemed cancelled and trading suspended
- October 25, 2024: Deadline for completing redemption of Public Shares
The company's warrants will expire worthless, and Class B ordinary shareholders have waived their redemption rights. GTAC anticipates filing for delisting from Nasdaq and terminating registration of its securities with the SEC.
Global Technology Acquisition Corp. I (Nasdaq: GTAC) ha annunciato la sua liquidazione a causa dell'incapacità di completare una combinazione aziendale iniziale entro il periodo di tempo richiesto. L'azienda procederà al rimborso di tutte le azioni ordinarie di Classe A a circa $11.50 per azione. Le date chiave includono:
- 17 ottobre 2024: Ultimo giorno previsto di trading su Nasdaq
- 18 ottobre 2024: Azioni pubbliche considerate cancellate e trading sospeso
- 25 ottobre 2024: Scadenza per completare il rimborso delle azioni pubbliche
Le opzioni della società scadranno senza valore e gli azionisti di Classe B hanno rinunciato ai loro diritti di rimborso. GTAC prevede di presentare richiesta di delisting da Nasdaq e di terminare la registrazione dei propri titoli presso la SEC.
Global Technology Acquisition Corp. I (Nasdaq: GTAC) ha anunciado su liquidación debido a su incapacidad para completar una combinación empresarial inicial dentro del período de tiempo requerido. La compañía canjeará todas las acciones ordinarias Clase A a aproximadamente $11.50 por acción. Las fechas clave incluyen:
- 17 de octubre de 2024: Último día esperado de negociación en Nasdaq
- 18 de octubre de 2024: Acciones públicas consideradas canceladas y negociación suspendida
- 25 de octubre de 2024: Plazo para completar el canje de acciones públicas
Las garantías de la compañía expirarán sin valor y los accionistas de Clase B han renunciado a sus derechos de canje. GTAC anticipa solicitar la exclusión de Nasdaq y terminar la inscripción de sus valores en la SEC.
Global Technology Acquisition Corp. I (Nasdaq: GTAC)는 초기 비즈니스 조합을 정해진 시간 내에 완료하지 못한 이유로 청산을 발표했습니다. 이 회사는 약 $11.50 per 주식에 모든 발행된 클래스 A 보통주를 상환할 예정입니다. 주요 날짜는 다음과 같습니다:
- 2024년 10월 17일: Nasdaq에서의 마지막 거래일 예상
- 2024년 10월 18일: 공공 주식이 취소된 것으로 간주되고 거래가 중단
- 2024년 10월 25일: 공공 주식의 상환 완료 마감일
회사의 워런트는 무가치하게 만료되며, 클래스 B 보통주 주주들은 상환 권리를 포기했습니다. GTAC는 Nasdaq에서 상장 폐지를 신청하고 증권의 SEC 등록을 종료할 것으로 예상합니다.
Global Technology Acquisition Corp. I (Nasdaq: GTAC) a annoncé sa liquidation en raison de son incapacité à achever une combinaison d'affaires initiale dans le délai imparti. La société procédera au rachat de toutes les actions ordinaires de Classe A à environ 11,50 $ par action. Les dates clés comprennent :
- 17 octobre 2024: Dernier jour de négociation prévu sur Nasdaq
- 18 octobre 2024: Actions publiques considérées comme annulées et négociations suspendues
- 25 octobre 2024: Date limite pour les rachats des actions publiques
Les bons de souscription de la société expireront sans valeur et les actionnaires de Classe B ont renoncé à leurs droits de rachat. GTAC prévoit de demander sa radiation de la Nasdaq et de mettre un terme à l'enregistrement de ses titres auprès de la SEC.
Global Technology Acquisition Corp. I (Nasdaq: GTAC) hat seine Liquidation aufgrund der Unfähigkeit angekündigt, eine anfängliche Unternehmenszusammenführung innerhalb des erforderlichen Zeitrahmens abzuschließen. Das Unternehmen wird alle ausstehenden Stammaktien der Klasse A zu einem Preis von etwa $11,50 pro Aktie einlösen. Wichtige Termine sind:
- 17. Oktober 2024: Voraussichtlicher letzter Handelstag an der Nasdaq
- 18. Oktober 2024: Öffentliche Aktien gelten als storniert und der Handel wird ausgesetzt
- 25. Oktober 2024: Frist für den Abschluss der Einlösung öffentlicher Aktien
Die Warrants des Unternehmens verfallen wertlos, und die Aktionäre der Klasse B haben auf ihr Einlösungsrecht verzichtet. GTAC plant, einen Antrag auf Delisting von der Nasdaq zu stellen und die Registrierung seiner Wertpapiere bei der SEC zu beenden.
- Shareholders of Class A ordinary shares will receive approximately $11.50 per share in redemption
- The redemption amount includes accrued interest from the trust account
- The company failed to complete an initial business combination within the required timeframe
- The company is dissolving and liquidating
- Trading of the company's securities on Nasdaq will be suspended
- Warrants will expire worthless
- The company will be delisted from Nasdaq
Insights
The liquidation of Global Technology Acquisition Corp. I (GTAC) marks a significant event for investors. As a Special Purpose Acquisition Company (SPAC), GTAC's failure to complete a business combination within the required timeframe has led to this outcome. Key points to consider:
- Shareholders will receive approximately
$11.50 per Public Share, which is above the typical$10 initial SPAC offering price. - The redemption amount includes accrued interest, minus taxes and dissolution expenses.
- Trading of GTAC securities on Nasdaq will cease around October 17, 2024.
- Warrants will expire worthless, impacting investors who held them separately.
- The liquidation process is expected to conclude by October 25, 2024.
This development underscores the risks associated with SPAC investments and the importance of the timeframe these entities have to complete acquisitions. The above-par redemption price may provide some consolation to shareholders, but it also represents opportunity cost and potential losses for those who bought shares above the redemption price.
The liquidation of GTAC highlights several legal and regulatory aspects of SPAC operations:
- The company is following its Charter's provisions for dissolution, demonstrating adherence to predetermined governance structures.
- The differentiated treatment of Class A and Class B shares, with Class B shareholders waiving redemption rights, illustrates the complex share structure typical of SPACs.
- The company's sponsor waiving redemption rights for 1,300,000 Class A shares converted from Class B shares is a notable detail, potentially aimed at aligning interests with public shareholders.
- The delisting process from Nasdaq and the filing of Form 25 and Form 15 with the SEC showcase the regulatory steps required to wind down a public company.
This case serves as a reminder of the importance of understanding the legal framework and potential outcomes when investing in SPACs. It also demonstrates the built-in investor protections, such as the redemption mechanism, that are unique to SPAC structures.
ZEPHYR COVE, NEVADA, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Global Technology Acquisition Corp. I (the “Company”) (Nasdaq: GTAC), announced today that it is unable to complete an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association, as amended (the “Charter”), and therefore intends to dissolve and liquidate in accordance with the provisions of the 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 of approximately
As of the close of business on October 18, 2024, 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 of trading of the Public Shares and the Company’s publicly traded units and warrants on the Nasdaq Stock Market will be on or around October 17, 2024, and trading of Public Shares will be suspended effective before the opening of markets on October 18, 2024.
In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate any 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 as promptly as practicable, but no later than October 25, 2024.
All holders of the Company’s Class B ordinary shares have agreed to waive their redemption rights with respect to their outstanding Class B ordinary shares of the Company, and the Company’s former sponsor has waived its redemption rights with respect to 1,300,000 of the Company’s Class A ordinary shares that were issued upon the conversion of 1,300,000 of the Company’s Class B 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 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.
About Global Technology Acquisition Corp. I
Global Technology Acquisition Corp. I is a special purpose acquisition 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. For more information, visit www.globaltechnologyacquisitioncorp.com.
Forward-Looking Statements
The information in this press release contains “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, that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this press release including, without limitation, the estimated per-share redemption price and the timing for the completion of the redemption of the Public Shares, are forward-looking statements. Words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Commission on April 1, 2024, the Company’s subsequent Quarterly Reports on Form 10-Q and elsewhere in the Company’s filings with the SEC. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Nicholas Geeza, Chief Financial Officer
Global Technology Acquisition Corp. I
ngeeza@hennessycapitalgroup.com
FAQ
What is the redemption price for GTAC's Class A ordinary shares?
When will GTAC's securities stop trading on Nasdaq?
What happens to GTAC's warrants after liquidation?
By when does GTAC expect to complete the redemption of Public Shares?