InterPrivate III Financial Partners Inc. Announces Redemption of Shares
NEW YORK, Dec. 06, 2023 (GLOBE NEWSWIRE) -- InterPrivate III Financial Partners Inc. (NYSE:IPVF) today announced that its board of directors (the "Board") has determined to redeem all of its outstanding shares of Class A common stock (the "Public Shares"), effective as of December 21, 2023, because the Company will not consummate an initial business combination within the time period required by its amended and restated certificate of incorporation.
As of the close of business on the last day of trading, December 8, 2023, the Public Shares will be deemed cancelled and will represent only the rights to receive the per-share redemption price of approximately $10.75 (after taking into account the removal of $100,000 for dissolution expenses).
In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders may redeem their shares for their pro rata portion of the proceeds of the trust account upon presentation of their respective shares or other delivery of their shares to Continental Stock Transfer & Trust Company, the Company's transfer agent. Beneficial owners of Public Shares held in "street name," however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after December 21, 2023.
There will be no redemption rights or liquidating distributions with respect to the Company's warrants. The Company's initial shareholders have waived their redemption rights with respect to the outstanding shares of common stock issued prior to the Company's initial public offering.
The Company expects that NYSE American will file a Form 25 with the United States Securities and Exchange Commission (the "SEC") to delist its securities.
Forward Looking-Statements
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements, including, without limitation, the redemption of the Public Shares and the per-share redemption price. When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
James Pipe
[email protected]
InterPrivate III Financial Partners Inc.
(212) 920-0125
