Burgundy Technology Acquisition Corporation Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination
Burgundy Technology Acquisition Corporation (the "Company") (NASDAQ:BTAQ, BTAQU, BTAQW))), a technology focused special purpose acquisition company, today announced that it will redeem all of its outstanding shares of Class A common stock (the "public shares"), effective as of the close of business on March 1, 2022, 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").
As stated in the Company's S-1 and in the Company's Articles, if the Company is unable to complete an initial business combination within 18 months, the Company will: (i) cease all operations
