North Atlantic Acquisition Corporation Announces Cancellation of Annual General Meeting of Shareholders and Liquidation

Rhea-AI Summary

North Atlantic Acquisition Corporation announced the cancellation of its annual general meeting scheduled for January 25, 2023. Due to its failure to complete a business combination within the required timeframe, the Board has opted to dissolve and liquidate the company. As a result, ordinary shares will be redeemed at approximately $10.13 per share. Effective January 26, 2023, the Public Shares will be canceled, and redemption is expected to complete within ten business days. The company’s sponsor has waived its rights on Class B shares, while warrants will expire worthless.

Positive

• None.

Negative

• Dissolution and liquidation of the company due to inability to complete a business combination.
• Cancellation of the annual general meeting, indicating a lack of ongoing business activities.
• No redemption rights for warrants, which will expire worthless.

NEW YORK, Jan. 25, 2023 /PRNewswire/ -- North Atlantic Acquisition Corporation (the "Company") (Nasdaq: NAAC), announced today that it has canceled its annual general meeting of shareholders that was previously scheduled for 4:00 PM Eastern time on January 25, 2023, and 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, as amended (the "Charter"), the Board of Directors of the Company has elected to dissolve and liquidate the Company in accordance with the provisions of its Charter, and will redeem all of the outstanding 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 $10.13.

As of the close of business on January 26, 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 will instruct 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 January 26, 2023.

The Company's sponsor has agreed to waive its redemption rights with respect to its outstanding Class B ordinary shares 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.

About North Atlantic Acquisition Corporation

North Atlantic Acquisition Corporation is a blank check company, also commonly referred to as a SPAC, formed for the purpose of effecting a business combination with a company with global ambition, with a primary focus on the consumer, industrials and TMT sectors in Europe or North America, where its Board of Directors has multiple decades of experience.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company 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. When used in this press release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us or our management team, identify 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, including those set forth in the "Risk Factors" section of the Company's Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE North Atlantic Acquisition Corporation (NAAC)

FAQ

What did North Atlantic Acquisition Corporation announce on January 25, 2023?

The company announced the cancellation of its annual general meeting and plans for liquidation.

What is the redemption price for shareholders of North Atlantic Acquisition Corporation?

The redemption price for shareholders is approximately $10.13 per share.

When will the liquidation of North Atlantic Acquisition Corporation be completed?

The liquidation is expected to be completed within ten business days after January 26, 2023.

What happens to the warrants issued by North Atlantic Acquisition Corporation?

The warrants will expire worthless and no redemption rights apply.

Why did North Atlantic Acquisition Corporation choose to liquidate?

The company was unable to consummate a business combination within the required timeframe.