VICKERS VANTAGE CORP. I EXTENDS TIME TO COMPLETE BUSINESS COMBINATION

Rhea-AI Summary

Vickers Vantage Corp. I (Nasdaq: VCKA) has announced an extension of three months to finalize its initial business combination, now due by July 11, 2022. The company's sponsors deposited $1,035,000 into the trust account as a non-interest bearing loan, which will be repaid upon completion of a business combination. Failure to do so by the new deadline could lead to liquidation. Vickers operates as a blank check company, seeking opportunities across various industries and regions.

Positive

• Extension until July 11, 2022, allows more time for business combination efforts.
• Sponsors' deposit of $1,035,000 indicates financial backing for potential business operations.

Negative

• If the business combination is not completed by the new deadline, there is a risk of liquidation.

NEW YORK, NY, April 11, 2022 (GLOBE NEWSWIRE) --   Vickers Vantage Corp. I (Nasdaq: VCKAU, VCKA, VCKAW) (“Vickers” or the “Company”), a Cayman Islands exempted company, announced today that it has further extended the time it has to consummate an initial business combination by an additional three months pursuant to the Company’s Amended and Restated Memorandum and Articles of Association. In connection with the extension, the Company’s sponsors have deposited an aggregate of $1,035,000 into the trust account established in connection with the Company’s initial public offering. The deposit was made in the form of a non-interest bearing loan. If the Company completes an initial business combination, the Company will repay such loaned amounts. If the Company does not complete a business combination, it will repay such loans only from funds held outside of the trust account. The Company now has until July 11, 2022 to consummate an initial business combination. If the Company is unable to complete a business combination by such date (and the Company does not extend such date by an additional three months as provided for in the Company’s Amended and Restated Memorandum and Articles of Association), it will then liquidate.

Vickers Vantage Corp. I is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business is not limited to a particular industry or geographic region. The Company is led by Jeffrey Chi, Chairman and Chief Executive Officer, Chris Ho, Chief Financial Officer and Director, and Special Advisor Dr. Finian Tan.

Forward Looking Statements

This press release includes “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “seeks” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Vickers management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of Vickers’ Annual Report on Form 10-K for the year ended December 31, 2021 and Vickers’ other filings with the Securities and Exchange Commission. Except as expressly required by applicable securities law, Vickers disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Nicolette Ten, Senior Account Executive, SPRG
nicolette.ten@sprg.com.sg 
www.vickersvantage.com

FAQ

What is Vickers Vantage Corp. I's stock symbol?

The stock symbol for Vickers Vantage Corp. I is VCKA.

When is the new deadline for Vickers to complete its business combination?

The new deadline for Vickers to finalize its business combination is July 11, 2022.

How much has Vickers' sponsors deposited for the extension?

Vickers' sponsors have deposited $1,035,000 into the trust account.

What happens if Vickers does not complete a business combination by the deadline?

If Vickers does not complete a business combination by the deadline, it may face liquidation.