Kismet Acquisition Three Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

Cayman Islands, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Kismet Acquisition Three Corp. (NASDAQ:KIII) (the "Company") today announced that it will redeem all of its outstanding Class A ordinary shares (the "public shares"), effective as of the close of business on February 22, 2023 (the "Redemption Date"), because the Company will not complete an initial business combination within the time period required by its amended and restated memorandum and articles of association.

Pursuant to the Company's amended and restated memorandum and articles of association, if the Company has not completed an initial business combination by February 22, 2023, the Company will take all action necessary to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten (10) business days thereafter to redeem the outstanding public shares on a pro rata basis, in cash at a per-share amount equal to the aggregate amount on deposit in the trust account (including interest not previously released to the Company, which shall be net of taxes payable, and less interest to pay dissolution expenses) divided by the number of outstanding public shares; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of its remaining shareholders and directors, liquidate and dissolve the Company, subject to the Company's obligations under the Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The per-share redemption price for the public shares is expected to be approximately $10.19 (the "Redemption Amount"). In accordance with the terms of the related trust agreement, the Company expects to retain interest earned on the funds deposited in the trust account to pay $100,000 of dissolution expenses.

As of the close of business on the Redemption Date, the public shares will be deemed to no longer be outstanding and will represent only the right to receive the Redemption Amount for each such public share.

The Redemption Amount will be payable to the holders of the public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company's transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of public shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount.

There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.

Following the redemption of the public shares, the Company expects to file a Form 15 with the Securities and Exchange Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.

About Kismet Acquisition Three Corp.

Kismet Acquisition Three Corp. is a special purpose acquisition company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any other similar initial business combination with one or more businesses or entities. 

Forward-Looking Statements

This press release includes "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, including statements relating to the estimated per-share redemption price and timing for redemptions. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including. These forward-looking statements speak only as of the date of the foregoing communication, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of the Company, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for risks and uncertainties related to the Company's business which may affect the statements made in this communication.

Contact:

Kismet Acquisition Three Corp.

+7 (499) 755-2134

[email protected]