PWP Forward Acquisition Corp Files Preliminary Proxy Statement To Obtain Stockholder Approval To Liquidate Early

PWP Forward Acquisition Corp. I (NASDAQ:FRW, FRWAU, FRWAW))))) ("PFAC" or the "Company") announced today that it has filed a preliminary proxy statement to seek stockholder approval to adopt an amendment to its Amended and Restated Certificate of Incorporation ("Charter") to allow the Company to redeem all of its outstanding public shares and liquidate before December 31, 2022, in advance of the automatic termination date in its current Charter of March 12, 2023.

Since PFAC's listing on NASDAQ on March 10, 2021, the Company's leadership has conducted a thorough search for the right target and evaluated a number of companies with the goal to complete an initial business combination that met its investment criteria. Further, PFAC's leadership has carefully evaluated the current adverse market conditions, including a limited pool of public company-ready business combination partners and their diminished interest in pursuing a public listing via a SPAC, the overall decline in the SPAC market, high redemption rates of SPACs, increased regulatory uncertainty around SPACs and the evaporation of the PIPE market. Considering these factors, and despite significant efforts to identify and complete an initial business combination, PFAC's leadership does not believe that it will complete an initial business combination by March 12, 2023. As a result, PFAC's leadership has determined that it is prudent and in the best interests of the Company and its stockholders to liquidate the Company early.

PFAC will seek a favorable vote from stockholders at a special meeting to be held later this year. As part of that process, the holders of public shares will have an opportunity to submit their shares for redemption, subject to the provisions of PFAC's Charter. The funds held in trust as of September 30, 2022 were $212,873,704 and the Company expects to return approximately $10.03 per public share to redeeming stockholders, including interest (net of taxes payable).

For more information, please see the Preliminary Proxy Statement filed with the Securities and Exchange Commission (the "SEC") on October 17, 2022.