Zanite Acquisition Corp. Announces Extension of Completion Window to May 19, 2022

Rhea-AI Summary

Zanite Acquisition Corp. (ZNTEU) has announced a 6-month extension for its initial business combination deadline, shifting the date from November 19, 2021, to May 19, 2022. This extension is enabled by a timely deposit of $2,300,000 from Zanite Sponsor LLC into the Company's trust account, representing the purchase price for 2,300,000 private placement warrants. Stockholders will not have voting rights or share redemption options related to this extension.

Positive

• 6-month extension for business combination allows additional time for acquisition.
• Timely deposit of $2,300,000 enhances financial standing and warrants acquisition.

Negative

• No voting rights or redemption options for stockholders regarding the extension.

CLEVELAND--(BUSINESS WIRE)-- 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 November 19, 2021 until May 19, 2022 (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/20211117005460/en/

Loretta Healy

The Hubbell Group, Inc.

(781) 718-1117

lhealy@hubbellgroup.com

Source: Zanite Acquisition Corp.

FAQ

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

The new deadline is May 19, 2022.

How much has Zanite Sponsor LLC deposited into the trust account?

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

What does the extension of the completion window indicate for Zanite Acquisition Corp.?

The extension allows more time to finalize a business combination, which could be strategic for future growth.

Will stockholders have the opportunity to vote on the extension of the business combination?

No, stockholders are not entitled to vote or redeem shares in connection with the extension.