Vector Acquisition Corporation II Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

Rhea-AI Summary

Vector Acquisition Corporation II (VAQC) announces the redemption of all outstanding Class A ordinary shares due to failure to complete an initial business combination by March 12, 2024. The per-share redemption price is approximately $10.69, with a Trust Account balance of $41,786,963 as of February 8, 2024. Public shareholders will receive the Redemption Amount upon delivery of their shares.

Positive

• None.

Negative

• Failure to complete an initial business combination by the specified deadline, resulting in the redemption of all outstanding Class A ordinary shares.
• Ceasing all operations except for winding up, liquidating, and dissolving the company if the initial business combination is not achieved by March 12, 2024.
• Delisting of the Company's securities and termination of registration under the Securities Exchange Act of 1934 after March 4, 2024.

SAN FRANCISCO--(BUSINESS WIRE)-- Vector Acquisition Corporation II (the “Company”) (Nasdaq: VAQC), a special purpose acquisition company, today announced that it will redeem all of its outstanding publicly held Class A ordinary shares (the “Public Shares”), effective as of the close of business on March 4, 2024, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Articles”).

As stated in the Company’s Articles, if the Company is unable to complete an initial business combination by March 12, 2024, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Company’s trust account (the “Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes, if any, (less up to US$100,000 of interest to pay dissolution expenses), divided by the number of Public Shares then in issue, which redemption will completely extinguish public shareholders’ rights (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.

The per-share redemption price for the Public Shares will be approximately $10.69 (the “Redemption Amount”). The balance of the Trust Account as of February 8, 2024 was approximately $41,786,963, which includes approximately $2,718,703 in interest and dividend income (excess of cash over $39,068,260, the funds deposited into the Trust Account, with the IPO deposit as reduced by the redemption in March 2023). In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest and dividend income from the Trust Account to pay dissolution expenses.

As of the close of business on March 4, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. 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 Company’s sponsor has waived its redemption rights with respect to the outstanding founder shares. After March 4, 2024, the Company shall cease all operations except for those required to wind up the Company’s business.

The Company will file a Form 25 with the Commission in order to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of the Company’s securities under the Securities Exchange Act of 1934, as amended.

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. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240215534406/en/

Grace Cartwright

Gasthalter & Co.

(212) 257-4170

Source: Vector Acquisition Corporation II

FAQ

What is the ticker symbol of Vector Acquisition Corporation II?

The ticker symbol is VAQC.

What is the per-share redemption price for the Public Shares?

The per-share redemption price is approximately $10.69.

When will the Public Shares be deemed cancelled?

The Public Shares will be deemed cancelled as of the close of business on March 4, 2024.

How will the Redemption Amount be paid to the holders of the Public Shares?

The Redemption Amount will be payable upon delivery of shares or units to the Company's transfer agent, Continental Stock Transfer & Trust Company.

What will happen to the Company's securities after March 4, 2024?

The Company will file a Form 25 with the Commission to delist the securities and expects to file a Form 15 to terminate the registration under the Securities Exchange Act of 1934.