99 Acquisition Group, Inc. to Liquidate
99 Acquisition Group, Inc. (Nasdaq: NNAG) has announced its intention to dissolve and liquidate on or about September 13, 2024, following the failure to complete its previously announced business combination with Nava Health MD, Inc. The company will redeem all outstanding public shares at an expected per-share redemption price of approximately $10.55. Public shares will be deemed cancelled as of the close of business on September 13, 2024, representing only the right to receive the redemption price. The trust account's proceeds will be held in a non-interest bearing account awaiting disbursement to shareholders. Record holders must deliver their shares to the transfer agent, while beneficial owners in 'street name' need not take action to receive the redemption price.
99 Acquisition Group, Inc. (Nasdaq: NNAG) ha annunciato la sua intenzione di dissolversi e liquidarsi intorno al 13 settembre 2024, a seguito del mancato completamento della sua precedente combinazione aziendale con Nava Health MD, Inc. La società riacquisterà tutte le azioni pubbliche in circolazione a un prezzo di riacquisto per azione previsto di circa $10.55. Le azioni pubbliche saranno considerate annullate al termine dell'attività il 13 settembre 2024, rappresentando solo il diritto di ricevere il prezzo di riacquisto. I proventi del conto fiduciario saranno trattenuti in un conto non fruttifero in attesa di distribuzione agli azionisti. I detentori di record devono consegnare le loro azioni all'agente di trasferimento, mentre i proprietari beneficiari in 'street name' non devono compiere alcuna azione per ricevere il prezzo di riacquisto.
99 Acquisition Group, Inc. (Nasdaq: NNAG) ha anunciado su intención de disolverse y liquidarse alrededor del 13 de septiembre de 2024, tras la falta de completar su anunciada combinación comercial con Nava Health MD, Inc. La compañía redimirá todas las acciones públicas pendientes a un precio de redención por acción previsto de aproximadamente $10.55. Las acciones públicas se considerarán canceladas al cierre de operaciones del 13 de septiembre de 2024, representando solamente el derecho a recibir el precio de redención. Los fondos de la cuenta en fideicomiso se mantendrán en una cuenta sin interés a la espera de su distribución a los accionistas. Los titulares registrados deberán entregar sus acciones al agente de transferencia, mientras que los propietarios beneficiarios en nombre 'street name' no necesitan tomar ninguna acción para recibir el precio de redención.
99 Acquisition Group, Inc. (Nasdaq: NNAG)가 Nava Health MD, Inc.와의 이전에 발표된 사업 결합 완료 실패로 인해 2024년 9월 13일경에 액체화 및 청산할 것이라고 발표했습니다. 회사는 약 $10.55의 예상 주당 환매 가격으로 모든 미발행 공공주식을 환매할 예정입니다. 공공 주식은 2024년 9월 13일 사업 종료 시점을 기준으로 취소된 것으로 간주되며, 환매 가격을 받을 권리만을 나타냅니다. 신탁 계좌의 수익금은 주주에게 배분될 때까지 무이자 계좌에서 보관됩니다. 기록 보유자는 자신의 주식을 이전 Agent에게 전달해야 하며, 'street name'으로 등록된 실소유자는 환매 가격을 받기 위해 아무 조치도 취할 필요가 없습니다.
99 Acquisition Group, Inc. (Nasdaq: NNAG) a annoncé son intention de se dissoudre et se liquider aux alentours du 13 septembre 2024, suite à l'échec de la finalisation de sa combinaison d'affaires précédemment annoncée avec Nava Health MD, Inc. La société rachètera toutes les actions publiques en circulation à un prix de rachat prévu d'environ $10.55 par action. Les actions publiques seront considérées comme annulées à la clôture des activités le 13 septembre 2024, ne représentant que le droit de recevoir le prix de rachat. Les produits du compte fiduciaire seront conservés dans un compte non rémunérateur en attendant leur distribution aux actionnaires. Les détenteurs enregistrés doivent remettre leurs actions à l'agent de transfert, tandis que les propriétaires bénéficiaires au nom de 'street name' n'ont pas besoin d'agir pour recevoir le prix de rachat.
99 Acquisition Group, Inc. (Nasdaq: NNAG) hat seine Absicht bekannt gegeben, sich um den 13. September 2024 aufzulösen und zu liquidieren, nachdem es nicht gelungen ist, die zuvor angekündigte Unternehmensfusion mit Nava Health MD, Inc. abzuschließen. Das Unternehmen wird alle ausstehenden öffentlichen Aktien zurückkaufen zu einem voraussichtlichen Rückkaufpreis von etwa $10.55 pro Aktie. Öffentliche Aktien werden zum Ende des Geschäftsbetriebs am 13. September 2024 als storniert angesehen und repräsentieren nur das Recht, den Rückkaufpreis zu erhalten. Die Erlöse aus dem Treuhandkonto werden in einem nicht-zinsbringenden Konto aufbewahrt, bis sie an die Aktionäre ausgezahlt werden. Die registrierten Inhaber müssen ihre Aktien an die Übertragungsstelle übergeben, während die wirtschaftlichen Eigentümer im 'Street Name' keine Maßnahmen ergreifen müssen, um den Rückkaufpreis zu erhalten.
- Shareholders will receive approximately $10.55 per share in the liquidation
- The company is taking prompt action to return funds to shareholders
- The company failed to complete its business combination with Nava Health MD, Inc.
- The company will dissolve and liquidate, ceasing operations
- Shareholders will lose potential future value from the unrealized business combination
Insights
The liquidation of 99 Acquisition Group, Inc. represents a significant event for investors. The failure to complete the business combination with Nava Health MD, Inc. has led to the company's decision to dissolve, triggering a mandatory redemption of public shares. Shareholders will receive approximately
However, this outcome highlights the risks associated with SPACs. Investors who held onto their shares will essentially break even, but those who bought at a premium in the secondary market may face losses. The liquidation also means that any potential upside from a successful business combination is now off the table, underscoring the speculative nature of SPAC investments.
The liquidation process outlined by 99 Acquisition Group, Inc. appears to follow standard procedures for SPAC dissolutions. Key points include:
- Timely announcement of the inability to complete the business combination
- Clear communication of the liquidation date
- Transparent process for share redemption
- Instructions for both record holders and beneficial owners
This approach demonstrates compliance with SEC regulations and fiduciary responsibilities to shareholders. The company's decision to hold proceeds in a non-interest bearing account during disbursement is a prudent move to ensure prompt and accurate payouts. Overall, the legal handling of this liquidation seems to prioritize shareholder interests and regulatory adherence.
This liquidation reflects broader trends in the SPAC market. After the SPAC boom of 2020-2021, we've seen a significant cooling in this sector. Factors contributing to this include:
- Increased regulatory scrutiny
- Market saturation
- Underwhelming performance of many post-merger companies
The failure to complete the merger with Nava Health MD, Inc. suggests potential issues in the target company's valuation, financials, or market conditions. This event may further dampen investor enthusiasm for SPACs, potentially leading to more liquidations or extensions among other SPACs approaching their deadlines. It also highlights the importance of thorough due diligence in SPAC investments and the need for realistic valuations in a more discerning market environment.
GAITHERSBURG, MD, Sept. 11, 2024 (GLOBE NEWSWIRE) -- 99 Acquisition Group, Inc. (Nasdaq: NNAG) (the “Company”) announced that it will not be able to complete its previously announced business combination with Nava Health MD, Inc. As a result, the Company intends to dissolve and liquidate on or about September 13, 2024. The Company will redeem all of the outstanding public shares of common stock (the “Public Shares”) at an expected per-share redemption price of approximately
As of the close of business on September 13, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the expected per-share redemption price.
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 expected per-share redemption price.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company’s intention to redeem all of its outstanding Public Shares, the Company’s cash position or cash held in the Company’s trust account, the expected per-share redemption price, or the timing when the Company’s Public Shares will cease trading on Nasdaq. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
Continental Information:
99 Acquisition Group, Inc.
Hiren Patel, CEO
Phone: 703-371-4260
Email: hpatel@intelvative.com
FAQ
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