Clover Leaf Capital Corp. Announces Mailing of Its

New York, Oct. 03, 2022 (GLOBE NEWSWIRE) — Clover Leaf Capital Corp. (“Clover Leaf” or the “Company”) (Nasdaq: “CLOEU” for units, “CLOE” for shares of common stock and “CLOER” for rights) announces the mailing of a definitive proxy statement, dated September 30, 2022 (the “Extension Proxy Statement”), to hold a special meeting of stockholders (the “Special Meeting”) on October 19, 2022 to approve an extension of the date by which Clover Leaf must consummate an initial business combination to on or before July 22, 2023 (the “Extended Date”) (the “Charter Extension”). Clover Leaf commenced mailing of the Extension Proxy Statement on October 3, 2022.

If the proposal to approve the Charter Extension (the “Extension Amendment Proposal”) is approved and the board of directors decides to implement the Charter Extension, Yntegra Capital Investments, LLC (the “Sponsor”) or its designees have agreed to contribute to the Company a loan (the “Charter Extension Loan”) of $1,383,123, to be deposited into the trust account promptly after the Special Meeting. The redemption amount per share at the meeting for such business combination or the Company’s liquidation will depend on the number of public shares that remain outstanding after redemptions in connection with the Charter Extension. Below as reference is a table estimating the approximate per-share amount to be paid in connection with the extension period needed to complete the business combination, depending on the percentage of redemptions received in connection with the Charter Extension. For example, if 25% of the Company’s public shares remain outstanding after redemptions in connection with the Charter Extension, then the amount deposited per share for such nine-month period will be approximately $0.40 per share, resulting in a total redemption amount available in connection with a business combination or liquidation of approximately $10.65 per share, in…