Tekkorp Digital Acquisition Corp. Will No Longer Pursue An Extension \To Complete An Initial Business Combination

Tekkorp Digital Acquisition Corp. (the “Company”), a special purpose acquisition company, today announced that it will no longer pursue an extension of the date by which it must complete an initial business combination. Therefore, at the previously announced Extraordinary General Meeting of the Company’s shareholders initially contemplated to be held for the purpose of seeking an extension to such date, the Company will adjourn the meeting indefinitely without bringing the proposal for such extension to its shareholders. The Company will begin the process of winding down effective October 26, 2022, as set forth in its Amended and Restated Memorandum and Articles of Association, and as promptly as reasonably possible, but not more than ten business days thereafter, return capital to the Company’s respective shareholders.

Since it completed its initial public offering (“IPO”) on October 26, 2020, the Company’s management team has employed a broad set of search criteria for potential target businesses with which to complete an initial business combination and evaluated more than 50 such target companies. Management focused on high quality opportunities at fair valuations. As a result of persistently high valuation expectations combined with an increasingly volatile market and declining IPO market, the Company was unable to secure an opportunity that it believes would offer a compelling return on investment for its shareholders. In light of these circumstances, the Company has determined that it is not feasible to complete an initial business combination by October 26, 2022 and no longer believes that seeking an extension to such date would allow the Company to secure a compelling opportunity for its shareholders.