One Equity Partners Open Water I Corp. OEPW OEPW.U, OEPW))) (“OEPW” or the “Company”) announced today that it has filed a preliminary proxy statement seeking shareholder approval for the adoption of amendments to its amended and restated articles of incorporation (“Articles of Incorporation” ) permit the Company to redeem and liquidate all of its outstanding public shares no later than December 30, 2022 prior to the automatic termination date in its current Articles of Association of January 26, 2023.
Since the closing of OEPW’s IPO on January 26, 2021, OEPW management has conducted a rigorous target search with the aim of completing a business combination that meets its investment criteria. OEPW management has thoroughly assessed the current adverse market conditions, including adverse capital markets, a general decline in the SPAC market and a limited number of listed business combinations interested in a business combination through a SPAC, complicating efforts to find a suitable one have goal. OEPW’s management has also reviewed recent changes in US tax law that could result in tax liabilities related to shareholder redemptions after December 31, 2022. Because of these factors, OEPW believes it is in the best interests of its shareholders to liquidate the company early.
OEPW will seek a shareholder vote in favor of amendments to the Company’s Articles of Incorporation at a special meeting scheduled for later this year. As part of this process, holders of public shares will have the opportunity to tender their shares for redemption subject to the provisions of the OEPW Articles of Association. For more information, see the preliminary proxy statement filed with the Securities and Exchange Commission (the “SEC”) on October 28, 2022.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E…
