SEATTLE, Nov 9 (Bernama-BUSINESS WIRE) -- ALSP Orchid Acquisition Corporation I (Nasdaq: ALOR) (the “Company” or “ALSP Orchid”) announced today that it will redeem all of its outstanding Class A ordinary shares (the “Public Shares”), effective as of the close of business on November 14, 2023 or as soon as possible thereafter because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Articles”).
As stated in the Company’s Articles and in the Company’s registration statement on Form S-1 (Registration No. 333-260709), as filed with the United States Securities and Exchange Commission (the “Commission”), declared effective on November 18, 2021, if the Company is unable to complete an initial business combination within 15 months of the Company’s initial public offering (the “IPO”), which deadline was subsequently extended to 21 months at the extraordinary general meeting held by the Company on February 17th, 2023 (the “Extension meeting”) and then further extended by depositing $0.10 per public share into the trust account on August 17, 2023, in each case in accordance with the Articles, and the expiration date of such period, (the “Deadline”), the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Company’s trust account (the “Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less taxes payable and up to US$100,000 of accrued interest to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors, and in all cases subject to the other requirements of applicable law.
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