NEW
YORK, April 11, 2023 /PRNewswire/ -- Eucrates
Biomedical Acquisition Corp. (Nasdaq: EUCR) (the "Company")
announced the following today:
- The Company anticipates that it will not be able to consummate
an initial business combination within the time period required by
its Amended and Restated Memorandum and Articles of
Association.
- Accordingly, the Company intends to dissolve and liquidate in
accordance with the provisions of its Amended and Restated
Memorandum and Articles of Association.
- As part of that dissolution and liquidation, the Company will
redeem all of the outstanding ordinary shares that were included in
its initial public offering (the "Public Shares") at a per-share
redemption price of approximately $10.00.
As of the close of business on April 26,
2023, the Public Shares will represent the right to receive
the redemption amount. Upon redemption such Public Shares will be
deemed cancelled.
In order to provide for the disbursement of funds from the trust
account, the Company has instructed the trust account's trustee to
take all necessary actions to liquidate the trust account. The
trust account's proceeds will be held in a non-interest bearing
account while awaiting disbursement to the holders of the Public
Shares.
Record holders may redeem their shares for their pro-rata
portion of the trust account's proceeds by delivering their Public
Shares to Continental Stock Transfer & Trust Company, the
Company's transfer agent. Beneficial owners of Public Shares held
in "street name," however, will not need to take any action to
receive the redemption amount. The redemption of the Public Shares
is expected to be completed on April 27,
2023.
The Company's initial shareholders have waived their redemption
rights with respect to its outstanding ordinary shares issued
before the Company's initial public offering.
The Company expects that the Nasdaq Capital Market will file a
Form 25 with the United States Securities and Exchange Commission
(the "SEC") to delist its 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 Eucrates Biomedical Acquisition Corp.
Eucrates Biomedical Acquisition Corp. 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.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements." Statements regarding the Company's
plans to redeem the Public Shares and dissolve and liquidate in
accordance with its Amended and Restated Memorandum and Articles of
Association, as well as all other 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," "expects," "intends," "may" and similar
expressions, as they relate to the Company and its 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
Company's management. Actual results could differ materially from
those contemplated by the forward-looking statements as a result of
certain factors detailed in the Company's filings with the SEC. All
subsequent written or oral forward-looking statements attributable
to us or persons acting on our behalf are qualified in their
entirety by this paragraph. 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 Annual Report on Form 10-K filed with the SEC. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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SOURCE Eucrates Biomedical Acquisition Corp.