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

Rhea-AI Summary

On September 30, 2022, Welsbach Technology Metals Acquisition Corp. announced the sale of a non-interest bearing, unsecured promissory note worth $772,768.60 to Welsbach Acquisition Holdings LLC. These proceeds were deposited into the Company's Trust Account on September 27, 2022. This action extends the timeframe for the Company to complete a Business Combination until December 30, 2022. The note will either be repaid after the business combination or converted into additional private units at $10.00 per unit, depending on the Sponsor's discretion.

Positive

• Timeframe to consummate a Business Combination extended to December 30, 2022.
• Proceeds of $772,768.60 bolstering the Company's Trust Account.

Negative

• Note repayment is contingent on successful business combination, posing potential financial uncertainty.

FOR IMMEDIATE RELEASE

New York, NY, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Welsbach Technology Metals Acquisition Corp. (the “Company”), announced today that on September 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 September 27, 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 December 30, 2022. 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 purpose of the $772,768.60 promissory note for WTMAU?

The promissory note is to support Welsbach Technology Metals Acquisition Corp. in completing a Business Combination.

When does Welsbach Technology Metals Acquisition Corp. need to complete its Business Combination?

The deadline for completing the Business Combination is December 30, 2022.

What happens if Welsbach Technology Metals Acquisition Corp. cannot close the business combination?

If the business combination is not closed, the promissory note will not be repaid unless funds are available outside the trust account.

Can the promissory note be converted into private units?

Yes, upon consummation of the business combination, the Sponsor has the option to convert the promissory note into additional private units at $10.00 per unit.

How does this promissory note impact WTMA stock?

The note's impact on WTMA stock depends on the successful completion of the business combination and potential dilution from unit conversions.