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New Vista Acquisition Corp (NASDAQ: NVSA) has canceled its extraordinary general meeting set for February 15, 2023, abandoning all proposals outlined in its definitive proxy statement. The company will not complete a business combination by February 19, 2023, resulting in the redemption of all Class A ordinary shares, which will be liquidated and dissolved thereafter. The company's trustee will liquidate the trust account securities, and record holders will receive their pro rata share by March 6, 2023. Additionally, Nasdaq will file to delist NVSA's securities and terminate its registration under the Securities Exchange Act.
New Vista Acquisition Corp (NASDAQ: NVSA) announced the postponement of its extraordinary general meeting from February 10, 2023, to February 15, 2023. The meeting will address the Extension Proposal to extend the deadline for completing a business combination to February 19, 2024. If approved, the sponsor will contribute $200,000 monthly to the trust account, totaling up to $2.4 million. The record date for eligible voters remains January 10, 2023, and the deadline for redemption requests has been extended to February 13, 2023.
New Vista Acquisition Corp (NASDAQ: NVSA) has signed a nonbinding letter of intent for a business combination with Verijet Holding Company LLC, a leader in private aviation with a fleet of Cirrus Vision jets. Verijet operates 19 jets primarily across the Northeast, Southeast, and West Coast. The Cirrus Vision jet is notable for its safety features, including a full aircraft parachute and Garmin Autoland technology. Finalizing the business combination will depend on various factors, including due diligence and approvals from both companies' boards and shareholders. There is no guarantee that a definitive agreement will be reached or the transaction completed.
On April 12, 2021, the SEC issued a statement addressing accounting considerations for SPAC warrants, impacting New Vista Acquisition Corp (Nasdaq: NVSA). Due to challenges in determining appropriate accounting treatment, the company was unable to file its Form 10-Q for Q1 2021 by the deadline. Consequently, on May 26, 2021, Nasdaq notified NVSA of its non-compliance with Listing Rule 5250(c)(1). NVSA has until July 26, 2021, to file the report or submit a compliance plan for a potential 180-day extension, indicating ongoing financial scrutiny.
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