AP Acquisition Corp (NYSE:APCA), a blank check company, has terminated a previously announced Business Combination Agreement with JEPLAN Holdings, Inc., JEPLAN MS, Inc., and JEPLAN, Inc., according to a recent SEC filing. The mutual termination of the agreement, effective as of Sunday, was reached without any liability to any party involved.
The termination follows AP Acquisition Corp's decision on Thursday to redeem all outstanding ordinary shares by July 2, 2024, as it will not be able to complete a business combination by the deadline of June 21, 2024. Shareholders can expect a redemption price of approximately $11.48 per share, before taxes and dissolution expenses.
The company's securities will cease trading as of the close of business on June 21, 2024. After the redemption date, the ordinary shares will be canceled and only represent the right to receive the redemption amount. Shareholders do not need to take any action to receive the redemption amount if their shares are held in "street name." Still, there will be no redemption rights for the company's warrants, which will expire worthless.
AP Acquisition Corp's initial shareholders have waived their rights to redeem their pre-IPO shares. Following the share redemption, the company plans to dissolve, subject to the approval of its remaining shareholders and board of directors, as well as compliance with Cayman Islands law regarding creditor claims and other applicable laws.
The company's decision to redeem shares and liquidate comes after the realization that it will not fulfill its initial business combination within the specified timeframe. AP Acquisition Corp expects the New York Stock Exchange to delist its securities and intends to deregister its securities under the Securities Exchange Act of 1934.
This report is based on a press release statement.
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