GRAND
CAYMAN, Cayman
Islands, Oct. 31, 2024 /PRNewswire/ -- Blockchain
Coinvestors Acquisition Corp. I (Nasdaq: BCSA) ("BCSA" or the
"Company"), a blank-check company formed for the purpose of
acquiring or merging with one or more businesses, today announced
that it will redeem all of its outstanding Class A ordinary shares
(the "Public Shares") issued as part of the Company's public units
that were issued in connection with its initial public offering
because the Company will not complete an initial business
combination within the time period required by its Amended and
Restated Memorandum and Articles of Association (the
"Charter").
Pursuant to the Charter, if the Company does not complete its
initial business combination by November 15,
2024, the Company will: (i) cease all operations except for
the purpose of winding up; (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem the Public
Shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Company's trust account,
including interest earned on the funds held in the trust account
and not previously released to the Company (less taxes payable and
up to US$100,000 of interest to pay
dissolution expenses), divided by the number of then Public Shares
in issue, which redemption will completely extinguish public
shareholders' rights as shareholders (including the right to
receive further liquidation distributions, if any); and (iii) as
promptly as reasonably possible following such redemption, subject
to the approval of the Company's remaining shareholders and its
directors, liquidate and dissolve.
Only the Public Shares issued as part of the Company's public
units issued in connection with its initial public offering will
have the right to receive the per-share redemption price pursuant
to the Charter. Blockchain Coinvestors Sponsor I LLC, the Company's
sponsor, and the Company's directors, have waived any right to
receive funds from the Company's trust account with respect to any
Class A ordinary shares they own. The per-share redemption price
for the Public Shares is expected to be approximately $11.39 (the "Redemption Amount"), which will be
further adjusted, as described below. In accordance with the terms
of the related trust agreement, the Company expects to retain
$100,000 of the interest and dividend
income from the Company's trust account to pay dissolution
expenses. The Company expects that the balance of the Company's
trust account, including any interest income to be earned on the
trust account and reduction for the dissolution expenses and tax
payment, at liquidation will be approximately $17.9 million. On October
22, 2024, the Company received the $5.0 million termination fee (the "Termination
Fee") from Linqto, Inc. which was required to be paid under the
terminated business combination agreement between BCSA and Linqto,
Inc. The Termination Fee is being used to fund the Company's
outstanding obligations and any remaining amounts, if any, will be
distributed as a liquidation distribution following the redemption
of the Public Shares.
The number of remaining Public Shares of the Company as of
October 30, 2024 was 1,578,648.
Beneficial owners of the Public Shares held in "street name,"
will not need to take any action in order to receive the Redemption
Amount. There will be no redemption rights or liquidating
distributions with respect to the Company's warrants, which will
expire worthless.
As of October 30, 2024, the
Company shall cease all operations except for those required to
wind up its business. The liquidation of the Trust Account is
expected to occur on or about November 13,
2024.
The Company expects that the Nasdaq Stock Market will file a
Form 25 with the United States Securities and Exchange Commission
(the "Commission") to delist the Company's securities. The Company
thereafter expects to file a Form 15 with the Commission to
terminate the registration of its securities under the Securities
Exchange Act of 1934, as amended. The Company anticipates that the
last day of trading of the Public Shares and the Company's publicly
traded units and warrants on the Nasdaq Stock Market will be on or
around November 12, 2024.
About Blockchain Coinvestors Acquisition Corp. I
BCSA is a special purpose acquisition company formed for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization, or similar business combination
with one or more businesses or entities. BCSA is led by Chairman
and Managing Director Matthew Le
Merle, Chief Executive Officer and Managing Director
Lou Kerner, Managing Director
Alison Davis, and Chief Financial
Officer Mitchell Mechigian.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"plan," "predict," "potential," "seem," "seek," "future," "outlook"
and similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
statements are based on the current expectations of BCSA's
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on,
by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. These statements are subject to a number
of risks and uncertainties indicated from time to time in BCSA's
filings with the SEC. There may be additional risks that BCSA
presently does not know or that BCSA currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements provide BCSA's expectations, plans or
forecasts of future events and views as of the date of this
communication. BCSA anticipates that subsequent events and
developments will cause BCSA's assessments to change. However,
while BCSA may elect to update these forward-looking statements at
some point in the future, BCSA specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing BCSA's assessments as of any date
subsequent to the date of this communication. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Contact
Blockchain Coinvestors Acquisition Corp. I:
Vaibhav Kumar
RFB | Peaks Strategies
vaibhav.kumar@rfbinder.com
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SOURCE Blockchain Coinvestors Acquisition Corp. I