Welsbach Technology Metals Acquisition Corp. Announces Receipt of Deposit Proceeds from Extension Note

Rhea-AI Summary

Welsbach Technology Metals Acquisition Corp. announced the issuance of a non-interest bearing promissory note to Welsbach Acquisition Holdings LLC valued at $772,768.60. This amount was deposited into the Company's Trust Account on December 23, 2022, extending the deadline to complete a Business Combination to March 30, 2023. The note may be converted into private units at a price of $10.00 per unit or repaid upon completion of the business combination if there are sufficient funds outside of the Trust Account.

Positive

• Extended time to complete Business Combination until March 30, 2023.
• Potential conversion of the note into private placement units could provide additional capital.

Negative

• The promissory note is unsecured and non-interest bearing, indicating potential financial strain if no business combination is completed.

New York, NY, Dec. 27, 2022 (GLOBE NEWSWIRE) -- Welsbach Technology Metals Acquisition Corp. (the “Company”), announced today that on December 30, 2022 it issued and sold to Welsbach Acquisition Holdings LLC (the “Sponsor”) a non-interest bearing, unsecured promissory note equal to $772,768.60 (the “Proceeds”), and that such Proceeds were placed on deposit in the Company’s Trust Account on December 23, 2022. As such, in accordance with Article G of the Company’s amended and restated certificate of incorporation, the Company’s time period to consummate a Business Combination has been extended to and including March 30, 2023. Such note would not be repaid in the event that the Company is unable to close a business combination unless there are funds available outside the trust account to do so and would either be paid upon consummation of the initial business combination out of the proceeds of the Trust Account released to the Company or, at the Sponsor’s discretion, converted, in full or in part, upon consummation of our business combination into additional private units at a price of $10.00 per unit.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the potential conversion of the promissory note by the Sponsor into additional private placement units and the anticipated deposit of the proceeds of such purchase in the Company’s Trust Account. No assurance can be given that the transactions discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company.

Investor Contact:

Christopher Clower, Welsbach Technology Metals Acquisition Corp.

chris@welsbach.sg

FAQ

What is the significance of the promissory note issued by Welsbach Technology Metals Acquisition Corp.?

The promissory note allows the company to extend its deadline for completing a Business Combination, providing additional time for potential investment opportunities.

How much is the promissory note issued to Welsbach Acquisition Holdings LLC?

The promissory note is valued at $772,768.60.

What is the deadline for Welsbach Technology Metals to complete a Business Combination?

The deadline has been extended to March 30, 2023.

Can the promissory note be converted into private placement units?

Yes, the note may be converted into additional private placement units at a price of $10.00 per unit upon consummation of a business combination.

What happens if Welsbach Technology Metals cannot complete a Business Combination?

If the company cannot complete a business combination, the promissory note may not be repaid unless there are funds available outside the Trust Account.