Zanite Acquisition Corp. Announces Sponsor’s Intention to Purchase Private Placement Warrants to Extend Completion Window to November 19, 2021

Rhea-AI Summary

Zanite Acquisition Corp. (Nasdaq: ZNTEU) announced it will purchase an additional 2,300,000 private placement warrants to extend its deadline for a business combination by six months to November 19, 2021. The warrants will be bought at $1.00 each, totaling $2,300,000 to be deposited into the trust account before May 19, 2021. Shareholders will not have voting rights or redemption options regarding this extension. The company focuses on mergers in the aviation, aerospace, defense, urban mobility, and emerging technologies sectors.

Positive

• Extension of the business combination deadline may provide additional time to identify a viable acquisition target.
• The purchase of warrants adds $2,300,000 to the company's trust account, strengthening its financial position during the extension period.

Negative

• The necessity of extending the deadline may indicate difficulties in finding a suitable merger target.
• Shareholder participation is limited as they cannot vote on or redeem shares in this process.

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 May 19, 2021 until November 19, 2021 (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 May 19, 2021. The Company intends to issue a press release no later than the day after May 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.

Cautionary Note Concerning Forward-Looking Statements

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005848/en/

FAQ

What is the purpose of Zanite Acquisition Corp.'s private placement warrants purchase?

The purchase aims to extend the deadline for completing a business combination by six months.

How much will Zanite Acquisition Corp. raise with the new private placement warrants?

Zanite Acquisition Corp. will raise $2,300,000 through the purchase of 2,300,000 private placement warrants.

When is the new deadline for Zanite Acquisition Corp. to complete its business combination?

The new deadline is November 19, 2021.

Will shareholders have a say in the extension of the completion window for Zanite Acquisition Corp.?

No, shareholders will not be entitled to vote or redeem their shares in connection with the extension.

What industries does Zanite Acquisition Corp. intend to focus on for acquisitions?

The company intends to focus on aviation, aerospace, defense, urban mobility, and emerging technologies.