Supernova Partners Acquisition Company III, Ltd. will Redeem its Public Shares and will Not Consummate an Initial Business Combination
WASHINGTON, March 10, 2023 /PRNewswire/ -- Supernova Partners Acquisition Company III, Ltd. (the "Company") (NYSE: STRE, STRE.U, STRE WS), a special purpose acquisition company, announced that it will redeem all of its outstanding Class A ordinary shares, par value $0.0001 (the "public shares"), effective as of the close of business on March 27, 2023, 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 per-share redemption price for the public shares will be approximately $10.20 (the "Redemption Amount"). In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest income from the trust account to pay dissolution expenses.
The Company will delist from the New York Stock Exchange prior to the date of redemption and anticipates that the last day the public shares will trade is March 24, 2023. The Company expects that the New York Stock Exchange will file a Form 25 with the Commission to delist its securities thereafter. As of the close of business on March 27, 2023, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
The Redemption Amount will be payable to the holders of record of the public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company's transfer agent, American Stock Transfer & Trust Company. Beneficial owners of public shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount.
There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.
The Company's sponsor has waived its redemption rights with respect to the outstanding founder shares.
About Supernova Partners Acquisition Company III, Ltd.
Supernova Partners Acquisition Company III, Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Supernova Partners Acquisition Company III, Ltd.
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SOURCE Supernova Partners Acquisition Company III, Ltd.
Released March 10, 2023