Toronto, Ontario--(Newsfile Corp. - December 21, 2021) - Cinaport Acquisition Corp. III (TSXV: CAC.P) (the "Company"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announced today that it has commenced legal proceedings against Coinberry Limited ("Coinberry") in the Ontario Superior Court of Justice (the "Legal Action").
The Legal Action is in respect of, among other things, Coinberry's alleged breach of the standstill provisions (the "Standstill Provisions") of the binding letter of intent (the "Letter of Intent") dated February 12, 2021 between the Company and Coinberry in respect of the Company's proposed Qualifying Transaction under Policy 2.4 of the Exchange. As announced in the Company's press release dated December 13, 2021, Coinberry unilaterally terminated the Letter of Intent on December 12, 2021.
The Company discovered that Coinberry allegedly breached the Standstill Provisions during the term of the Letter of Intent. In connection with the Legal Action, the Company is seeking damages for breach of contract in the amount of $12 million and punitive damages in the amount of $2 million.
For more information, please contact:
Avi Grewal
President & Chief Executive Officer
Phone: (416) 213-8118 Ext. 210
E-mail: agrewal@cinaport.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108253
