Zanite Acquisition Corp. Announces Extension of Completion Window to November 19, 2021

Rhea-AI Summary

Zanite Acquisition Corp. (Nasdaq: ZNTEU) has extended the completion deadline for its initial business combination by 6 months, moving from May 19, 2021, to November 19, 2021. This extension follows a timely deposit of $2,300,000 by Zanite Sponsor LLC into the Company’s trust account, which will fund the purchase of an additional 2,300,000 private placement warrants. Importantly, stockholders do not have voting rights or redemption options regarding this extension.

Positive

• Extension of business combination deadline enhances strategic flexibility.
• Timely deposit of $2,300,000 supports future acquisitions.

Negative

• No vote or redemption rights for stockholders could reduce shareholder control.

Zanite Acquisition Corp. (Nasdaq: ZNTEU) (the “Company”) announced today that it has extended the period of time it will have to consummate its initial business combination by 6 months from the current deadline of May 19, 2021 until November 19, 2021 (the “completion window”) because Zanite Sponsor LLC has timely deposited $2,300,000 in the Company’s trust account, representing the aggregate purchase price for an additional 2,300,000 private placement warrants. The Company’s stockholders are not entitled to vote on or redeem their shares in connection with such extension of the completion window.

About Zanite Acquisition Corp.

Zanite Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company may pursue an acquisition opportunity in any business or industry, it intends to focus on companies in the aviation, aerospace and defense, urban mobility and emerging technologies industries.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. 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 for the initial public 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518006087/en/

FAQ

What is the new deadline for Zanite Acquisition Corp.'s business combination?

The new deadline is November 19, 2021.

How much funds were deposited by Zanite Sponsor LLC?

Zanite Sponsor LLC deposited $2,300,000 into the Company's trust account.

Do stockholders have any voting rights regarding the deadline extension?

No, stockholders do not have voting rights or redemption options related to this extension.