Kernel Group Holdings, Inc. Confirms Funding to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

Kernel Group Holdings extends the period for business combination

Positive

• Kernel Group Holdings has extended the period for its initial business combination by one month. The Company deposited $150,000 into its Trust account for public shareholders, allowing the extension.

Negative

• None.

New York, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Kernel Group Holdings, Inc. (NASDAQ: KRNLU, KRNL, KRNLW) (“KRNL” or the “Company”), a special purpose acquisition company, announced today it caused to be deposited $150,000 into the Company’s Trust account for its public shareholders, representing $0.02 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination by one month from October 5, 2023 to November 5, 2023 (the “Extension”). The Extension is the second of six-monthly extensions permitted under the Company’s governing documents.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause future events to differ materially from those in the forward-looking statements, many of which are outside of the Company’s control. These factors include, but are not limited to, a variety of risk factors affecting the Company’s business and prospects, see the section titled “Risk Factors” in the Company’s Prospectus filed with the SEC on February 4, 2021 and subsequent reports filed with the SEC, as amended from time to time. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, 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:
hd@kernelcap.com

FAQ

What is the ticker symbol for Kernel Group Holdings?

The ticker symbols for Kernel Group Holdings are KRNLU, KRNL, and KRNLW.

What is the purpose of the deposit made by the Company?

The Company deposited $150,000 into its Trust account for public shareholders to extend the period for its initial business combination.

What is the new deadline for the business combination?

The new deadline for the business combination is November 5, 2023.

Are there any risks associated with the forward-looking statements in the press release?

Yes, there are important factors that could cause future events to differ materially from the forward-looking statements. These factors are detailed in the Company's Prospectus filed with the SEC.

Is the Company obligated to update or revise the forward-looking statements?

Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise the forward-looking statements.