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Zanite Acquisition Corp. (ZNTEU) has received notice from Zanite Sponsor LLC to purchase an additional 2,300,000 private placement warrants for $1.00 each, totaling $2,300,000, to extend the deadline for its initial business combination by six months, from November 19, 2021, to May 19, 2022. This extension aims to provide more time for the company to identify and execute a merger or acquisition in sectors like aviation, aerospace, defense, urban mobility, and emerging technologies. Stockholders are not entitled to vote or redeem shares regarding this extension.
Positive
Extension of business combination deadline by 6 months provides additional time for strategic acquisitions.
Potential to raise $2.3 million through the purchase of private placement warrants for future investments.
Negative
No shareholder vote or redemption option may reduce investor confidence.
Extension might indicate a delay in finding a suitable acquisition target.
CLEVELAND--(BUSINESS WIRE)--
Zanite Acquisition Corp. (Nasdaq: ZNTEU) (the “Company”) announced today that it has received notice from Zanite Sponsor LLC (the “Sponsor”) of its intention to purchase an additional 2,300,000 private placement warrants (the “Private Placement Warrants”) to extend the period of time the Company 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”). Pursuant to the Company’s amended and restated certificate of incorporation, if the Sponsor makes such purchase, the Private Placement Warrants will be purchased for $1.00 per Private Placement Warrant and the aggregate purchase price of $2,300,000 will be deposited into the Company’s trust account on or prior to November 19, 2021. The Company intends to issue a press release no later than the day after November 19, 2021 announcing whether or not the funds have been timely deposited. The Company’s stockholders will not be 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.
This press release contains statements that constitute “forward-looking statements,” including with respect to the Sponsor’s intention to purchase private placement warrants. 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.
What is the purpose of Zanite Acquisition Corp's recent warrant purchase announcement?
The announcement is to inform about Zanite Sponsor LLC's intention to buy 2,300,000 private placement warrants, extending the business combination period.
How much is Zanite Acquisition Corp. raising through this warrant purchase?
Zanite Acquisition Corp. is raising $2,300,000 through the purchase of additional private placement warrants.
What is the new deadline for Zanite Acquisition Corp's initial business combination?
The new deadline for consummating the initial business combination is May 19, 2022.
Will shareholders be able to vote on the extension of the completion window?
No, shareholders are not entitled to vote on or redeem their shares concerning this extension.
What sectors does Zanite Acquisition Corp. plan to focus on for acquisitions?
Zanite Acquisition Corp. intends to focus on sectors like aviation, aerospace, defense, urban mobility, and emerging technologies.
