Kairos Acquisition Corp. Announces Liquidation
Kairos Acquisition Corp. (Nasdaq: KAIR) announced its decision to dissolve and liquidate due to its failure to complete a business combination within the designated timeframe. The liquidation is effective as of December 6, 2022, with a redemption price of approximately $10.08 per share for its Class A common stock. The company is moving forward with the liquidation process, instructing its trustee to liquidate the trust account assets. Redemption for shareholders is expected to finalize by January 3, 2023.
- Redemption price of approximately $10.08 per share for Class A common stock.
- Inability to complete a business combination within the required timeframe.
- Dissolution and liquidation may indicate underlying business challenges.
- Warrants will expire worthless with no liquidation value.
New York, New York, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Kairos Acquisition Corp. (Nasdaq: KAIR) (the “Company”) 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 Company intends to dissolve and liquidate in accordance with the provisions of its Charter, effective as of the close of business on December 6, 2022, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately
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 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 by January 3, 2023.
The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding Class B common stock issued prior to the Company’s initial public offering and the Class A ordinary shares contained in the units issued in a private placement concurrent with the initial public offering.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
Cautionary Note Concerning 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 registration statement and prospectus for the offering filed with the U.S. Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, 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
Peter Bang
212-370-1300
peter@kairosacquisitioncorp.com
FAQ
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