Exhibit 99.1
OPY Acquisition Corp I Announces Intent to Liquidate
NEW YORK, December 18, 2023 OPY Acquisition Corp I (NASDAQ: OHAA) (the Company) announced today that it will be unable to consummate
an initial business combination and intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Certificate of Incorporation, as amended (Liquidation).
On October 26, 2023, stockholders of the Company approved an extension of the deadline by which the Company must consummate a business combination to
June 30, 2024 (the Final Deadline) on a month-to-month basis. Each monthly extension required a payment into the trust account established in connection with
the Companys initial public offering (the Trust Account) equal to the lesser of (i) $35,000 or (ii) $0.015 per share of Class A common stock that were included in the units issued in the Companys initial public offering
(the Public Shares). To date, the Company made two monthly extensions to December 29, 2023. After careful consideration of the current SPAC market and after having completed an extensive search, the Company has determined it would
be unable to deliver and fund a high quality value enhancing transaction to stockholders even with another extension. Therefore, the Company determined not to further extend the term the Company has to complete an initial business combination and
instead proceed with the Liquidation.
As of the close of business on December 28, 2023, the Public Shares will be deemed cancelled, and each Public
Share will represent only the right to receive a redemption amount equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
the Companys franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares. The Company anticipates that the last day of trading of the Public
Shares and the Companys publicly traded units and warrants will be on or around December 27, 2023 and trading of Public Shares will be suspended effective before the opening of markets on December 28, 2023.
In order to provide for the disbursement of funds from the Trust Account, the Company has instructed the trustee of the Trust Account to take all necessary
actions to liquidate the funds held in the Trust Account. The proceeds of the Trust Account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares.
Record holders will receive their pro rata portion of the proceeds of the Trust Account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Companys transfer agent. Beneficial owners of Public Shares
held in street name, however, 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 Companys warrants. The Companys
sponsor will not be entitled to liquidating distributions from the Trust Account as a result of their ownership of shares of Class A common stock that were previously converted from Class B common stock.
The Company expects that Nasdaq will file a Form 25 with the United States Securities and Exchange Commission (the SEC) to delist the
Companys securities. The Company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
About OPY Acquisition Corp I
The Company is a blank
check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release may
include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking statements. When used in this press release, words such as anticipate, believe, estimate, expect, intend and similar
expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the