Securities and Exchange Commission (the “SEC”) to delist its securities. The Company expects that The Nasdaq Stock Market LLC will file a Form 25 with the U.S. The redemption of the Class A Ordinary Shares is expected to be completed within ten business days after March 15, 2023.
Beneficial owners of Class A Ordinary Shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount.
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Registered holders may redeem their shares for their pro rata portion of the proceeds of the Trust Account upon presentation of their respective share or unit certificates or other delivery of their shares or units to Continental, the Company’s transfer agent.
In order to provide for the disbursement of funds from the Trust Account, the Company has instructed Continental to take all necessary actions to liquidate the Trust Account. The Company’s initial shareholders waived their redemption rights with respect to the outstanding Class B ordinary shares issued prior to the Company’s initial public offering.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless. After March 27, 2023, the Company shall cease all operations except for those required to wind up the Company’s business. As of March 27, 2023, the Class A Ordinary Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
The Company anticipates that the Class A Ordinary Shares will cease trading as of the close of business on March 24, 2023. Net of taxes and dissolution expenses, the per-share redemption price for the Class A Ordinary Shares is expected to be approximately $10.22 (the “Redemption Amount”). NEW YORK, Ma(GLOBE NEWSWIRE) - Silver Spike Acquisition Corp II (the “Company”) today announced that it will redeem all of its outstanding Class A ordinary shares (the “Class A Ordinary Shares”), effective as of March 27, 2023, because the Company will not consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association (the “Articles”).Īs stated in the Company’s Articles, if the Company does not consummate an initial business combination within 24 months of the closing of the Company’s initial public offering, or March 15, 2023, 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 Class A Ordinary Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Company’s trust account (the “Trust Account”) held with Continental Stock Transfer & Trust Company (“Continental”), including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to $100,000 of interest income to pay liquidation expenses), divided by the number of then outstanding Class A Ordinary Shares, which redemption will completely extinguish the rights of the holders of Class A Ordinary Shares (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 remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.
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