McLaren Technology Acquisition Corp. Announces Liquidation

Rhea-AI Summary

McLaren Technology Acquisition Corp. (NASDAQ: MLAI) announced its intent to dissolve and liquidate due to failure to complete a business combination by the deadline set in its Amended Charter. Effective March 3, 2023, all Class A common stock will be redeemed at approximately $10.39 per share. As of that date, these shares will be canceled and will only entitle holders to the redemption amount. The company has directed the trustee to liquidate trust account assets, with proceeds expected to be disbursed within ten business days. Notably, the sponsor has waived redemption rights for Class B shares, while warrants will expire worthless.

Positive

• None.

Negative

• Company failed to complete a business combination, leading to dissolution.
• Public Shares will be canceled and only entitle holders to redemption amount.
• Warrants will expire worthless, resulting in investor losses.

Irvine, CA, March 02, 2023 (GLOBE NEWSWIRE) -- McLaren Technology Acquisition Corp. (NASDAQ: MLAI) (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 Certificate of Incorporation (the “Amended Charter”) the Company intends to dissolve and liquidate in accordance with the provisions of its Amended Charter, effective as of the close of business on March 3, 2023, 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Shares”), at a per-share redemption price of approximately $10.39 (without giving effect to any interest that may be withdrawn to pay for taxes and dissolution expenses).

As of the close of business on March 3, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.

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 within ten business days after March 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.

There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

Forward-Looking Statements

This press release 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. 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 SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its 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. 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

McLaren Technology Acquisition Corp.
Sajan Pillai, CEO
(949) 989-4638

FAQ

What is the reason for McLaren Technology Acquisition Corp.'s dissolution?

The company is dissolving due to its inability to complete a business combination by the required deadline.

What will happen to the Class A common stock of MLAI?

All Class A common stock will be redeemed at approximately $10.39 per share, effective March 3, 2023.

When can shareholders expect to receive their redemption amount?

Shareholders can expect to receive the redemption amount within ten business days after March 3, 2023.

What implications does the dissolution have for MLAI's warrants?

The warrants will expire worthless and will not provide any value to shareholders.