Nubia Brand International Corp. Provides Update On Closing Of The Business Combination With Honeycomb Battery Company; Definitive Proxy Statement Initially Filed By Nubia With The SEC Have Not Yet Been Satisfied And The Business Combination Has Not Closed
Nubia Brand International Corp. (the "Company" or "Nubia"), announced today that the conditions to closing the business combination (the "Business Combination") between the Company and Honeycomb Battery Company ("Honeycomb"), as described in the definitive proxy statement initially filed by Nubia with the SEC on November 8, 2023 (the "Proxy Statement"), have not yet been satisfied and the Business Combination has not closed.
The parties are working together to expeditiously satisfy such closing conditions, including obtaining the approval of Nasdaq to list the post-combination company's common stock following the closing of the Business Combination. There can be no assurance that the Business Combination will be consummated within the time period required by Nubia's governing documents. If the Business Combination is not completed by March 15, 2024, Nubia may, among other things, cease all operations except for the purpose of winding up and, as promptly as reasonably possible, redeem shares of Nubia Class A common stock (the "Nubia Class A Shares") issued in Nubia's initial public offering at a per-share price payable in cash, which will be equal to the aggregate amount then on deposit in Nubia's trust account, including interest earned on the funds held in the trust account and not previously released to Nubia (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of Nubia Class A Shares then outstanding.