WARRIOR TECHNOLOGIES ACQUISITION COMPANY ANNOUNCES CANCELLATION OF SPECIAL MEETING OF STOCKHOLDERS AND LIQUIDATION

Rhea-AI Summary

Warrior Technologies Acquisition Company (NYSE: WARR) has announced the cancellation of its special meeting of stockholders scheduled for August 31, 2022. The company will dissolve and liquidate as it failed to complete an initial business combination as required by its Amended Charter, effective September 2, 2022. All outstanding shares of Class A common stock will be redeemed at approximately $10.01 per share. The sponsor will waive redemption rights on Class B common stock, while warrants will expire worthless. The company will delist its securities from the NYSE.

Positive

• Redemption of Class A common stock at approximately $10.01 per share
• Sponsor waives redemption rights on Class B common stock

Negative

• Failure to complete initial business combination
• Company dissolving and liquidating

MIDLAND, Texas, Aug. 30, 2022 /PRNewswire/ -- Warrior Technologies Acquisition Company (NYSE: WARR) (the "Company") today announced that it has cancelled its special meeting of stockholders that was previously scheduled for 10:00 AM EST on August 31, 2022, and that, due to its inability to complete an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (the "Amended Charter"), the Company intends to dissolve and liquidate in accordance with the provisions of its Amended Charter, effective as of the close of business on September 2, 2022, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the "Public Shares"), at a per-share redemption price of approximately $10.01.

As of the close of business on September 2, 2022, 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 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 redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after September 2, 2022.

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

The Company expects that the New York Stock Exchange will file a Form 25 with the United States Securities and Exchange Commission (the "Commission") to delist the Company's securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements." 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 registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. 

Contacts:

Investor Contact:
H.H. "Tripp" Wommack III
Email: tripp@warr-wtac.com

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SOURCE Warrior Technologies Acquisition Company

FAQ

What led to Warrior Technologies Acquisition Company's decision to liquidate?

The company was unable to complete an initial business combination within the required timeframe.

When will the liquidation of Warrior Technologies Acquisition Company take effect?

The liquidation will be effective as of the close of business on September 2, 2022.

What will happen to the Class A common stock of WARR?

All outstanding shares of Class A common stock will be redeemed at approximately $10.01 per share.

Will Warrior Technologies Acquisition Company's securities still be traded?

The company expects to file for delisting its securities from the NYSE.

How will shareholders receive their redemption amounts?

Record holders must deliver their Public Shares to the transfer agent, while beneficial owners held in street name will automatically receive the redemption amount.