Toronto, Ontario--(Newsfile Corp. - October 16, 2023) - On September 29, 2023, Agrinam Acquisition Corporation (TSX: AGRI.U) (the "Corporation") announced that 11,261,363 Class A restricted voting shares (the "Redeemed Shares") were deposited for redemption and not withdrawn and were set to be redeemed pursuant to the option to redeem provided to holders of Class A restricted voting shares (the "Redemption") in connection with the Corporation's special meeting of the holders of Class A restricted voting shares of the Corporation and Class B shares of the Corporation held on September 14, 2023, whereat holders of Class A restricted voting shares and Class B shares approved an amendment to the amended and restated articles of the Corporation to amend the definition of "three-month extension option" contained therein, as more particularly described in the press release of the Corporation dated September 15, 2023.
In connection with the Redemption, each Redeemed Share was redeemed for approximately US$10.4715 per Redeemed Share before taking certain applicable withholding taxes into account (the "Original Redemption Price"), for approximately US$117,923,232 in the aggregate (the "OriginalRedemption Amount"). The Original Redemption Amount was distributed to the holders of Redeemed Shares on or about October 4, 2023.
Upon further review following payment of the Original Redemption Amount, the Corporation has subsequently determined that certain adjustments to the Original Redemption Price are required. The effect of such adjustments is that each Redeemed Share is expected to be redeemed for US$10.6686 per Redeemed Share instead of the Original Redemption Price, resulting in each holder of Redeemed Shares receiving an additional US$0.1971 per Redeemed Share before taking certain applicable withholding taxes into account.
About Agrinam Acquisition Corporation
Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk that a qualifying acquisition may not be completed within the Corporation's permitted timeline or the potential failure to obtain an extension of the qualifying acquisition deadline if sought by the Corporation, the failure to satisfy the conditions to the consummation of any proposed qualifying acquisition, and the factors discussed under "Risk Factors" in the Corporation's prospectus dated June 10, 2022. The Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
For further information contact:
Agustin Tristan Aldave
Chief Executive Officer
Agrinam Acquisition Corporation
agustin.tristan@agrinamspac.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184213
