Everest Consolidator Acquisition Corporation Announces Intention of Sponsor to Deposit Funds to Extend Period to Consummate Initial Business Combination
Everest Consolidator Acquisition Corporation (the "Company"), a special purpose acquisition company, today announced that Everest Consolidator Sponsor, LLC (the "Sponsor") has notified the Company of its intention to deposit an aggregate of $1,725,000 into the Company's trust account, representing $0.10 per public share, on or prior to February 28, 2023 (the "Deposit"). If the Sponsor makes such Deposit, the Sponsor will receive 1,150,000 private placement warrants, at a rate of $1.50 per private placement warrant, with the same terms as the private placement warrants issued in connection with the closing of the Company's initial public offering. The Deposit is required to extend the period of time the Company has to consummate its initial business combination by a period of three months from February 28, 2023, the current deadline, to May 28, 2023 (the "Extension"). The Extension is permitted under the Company's governing documents.
About Everest Consolidator Acquisition Corporation
The Company is a blank check company sponsored by an affiliate of Belay Associates, LLC and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements include statements regarding the implementation of the Extension, the Deposit into the trust account, and the consummation of an initial business combination. These statements are based on current expectations as of the date of this press release and are neither promises nor guarantees, but involve a number of risks and uncertainties that may cause actual results to differ significantly, including those factors set forth under the heading "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC and available on the SEC's website, www.sec.gov. 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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