STAMFORD, Conn., October 3, 2022 /PRNewswire/ — October 3, 2022 – Atlantic Avenue Acquisition Corp (the “Company”) ASAQ ASAQ, ASAQ WS))), announced today that it has canceled its previously scheduled special meeting of shareholders 10:00 a.m. Eastern Time on October 4, 2022and that due to its inability to complete an initial business combination within the time prescribed in its amended and restated Instrument of Incorporation, the Company intends to wind up and go into liquidation effective as of close of business October 6, 2022and will redeem all outstanding Class A common shares comprised in the units issued at its initial public offering (the “Public Shares”) at a redemption price per share of approximately $10.03.
From close of business on October 6, 2022the Public Shares are deemed to be canceled and give rise only to a right to receive the redemption amount.
In order to arrange for the disbursement of funds from the escrow account, the Company has appointed the trustee of the escrow account to take all necessary measures to liquidate the securities held in the escrow account. The proceeds of the escrow account are held in a non-interest-bearing account while awaiting distribution to the public stockholders. Record holders will receive their pro rata share of the proceeds of the trust by delivering their public shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. However, beneficial owners of Public Shares held under “Street Name” need not do anything to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days thereafter October 6, 2022.
The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding Class B common shares issued prior to the Company’s IPO. There are no redemption rights or liquidation distributions with…
