Grand Cayman, Cayman Islands – (Business Wire–Burgundy Technology Acquisition Corporation (“Company”) (NASDAQ: BTAQ, BTAQU, BTAQW) has announced today that it will redeem all its advanced Class A joint ventures. Public Shares ”), which will operate until March 1, 2022, because the company will not make the initial business arrangements within the time frame required by the amended and revised memorandum and the bylaws (“ text ”).
If the Company fails to complete its first business partnership within 18 months, the Company shall: Redeeming the stock price, cash payments, the total amount then deposited in the trust account, including interest on the trust account. (To pay interest on settlement costs of up to $ 100,000 and to pay net tax), divided by the number of existing public shares, which would completely eliminate the rights of public shareholders as shareholders (including the right to further liquidity), subject to applicable law, and (iii) ) Following the redemption as soon as possible, the approval of the remaining shareholders of the Company and the Board of Directors of the Company is awaited. Under the Cayman Islands law, the Company’s obligations are subject to enforcement, discharge and settlement in each case in order to provide creditors’ claims and other relevant legal requirements.
The price to pay for public shares is approximately $ 10.05 (redemption amount). As of December 31, 2021, the balance sheet was $ 346,759,664, with an interest rate of about $ 34,664 (over $ 346,725,000 in cash). Under the related trust agreement, the company is required to maintain interest and profit from the trust account to pay the divorce costs. Accordingly, a total of $ 346,725,000 is expected to be purchased from 34,500,000 Class A shares, resulting in a redemption price of $ 10.05 per share.
A.D. When the business closes on March 1, 2022, public shares will be deemed to have been canceled and will only represent the right to accept the redemption amount.
The redemption money will be paid to the public shareholders when they submit their own shares or share certificates or other shares or shares to the company’s transfer agent, Continental Transfer and Trust Company. Owners of public shares held in the “street name” do not need to take any action to accept the redemption amount.
There will be no redemption rights or distributions with respect to the Company’s order, which will be null and void.
The company’s sponsor relinquishes its redemption rights with respective founding shares and private equity shares. After March 1, 2022, the Company will cease all operations except those required to renew the Company’s business.
The company expects to submit NASDAQ Form 25 to the United States Securities and Exchange Commission (“Commission”). The Company expects to submit Form 15 to the Commission for termination of warranty registration in accordance with the 1934 Securities Exchange Act.
About Burgundy Technology Acquisition Corporation
Burgundy Technology acquisition corporation is an empty check company established to merge, share capital, real estate, stock acquisition, reorganization or similar business with one or more businesses.
This press release Section 27a of the 1933 Securities Act and section 21E of the amended 1934 Securities Exchange Act include “statements of the future.” In this press release, the words “may”, “may”, “may”, “may”, “believe”, “predict,” “think,” “guess,” “expect,” “project,” such words are intended to identify future and other similar expressions. They are, although not all future statements contain such labels. Such forward-looking statements are based on current information and expectations, predictions and assumptions, and include numerous judgments, concerns, and uncertainties. Accordingly, future statements should not be relied upon as they represent the Company’s views, and the Company is not obligated to update forward-looking statements to reflect events or circumstances after the date. New information, future events or other consequences, unless required by applicable warranty rules. Do not overreact to these future statements. Due to many known and unknown concerns and uncertainties, actual results or performance may vary materially from those described or described in these forthcoming statements.