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Onyx Acquisition Co. I (ONYX) has announced it will redeem all outstanding Class A ordinary shares as it failed to complete an initial business combination by the November 5, 2024 deadline. The company will cease operations and begin winding up procedures. Shareholders will receive approximately $11.42 per share from the trust account, which holds about $15.3 million. The redemption will be effective November 13, 2024, after which the company’s warrants will expire worthless. The company plans to delist from Nasdaq Capital Market and terminate its securities registration.
Onyx Acquisition Co. I (ONYX) ha annunciato che riscatterà tutte le azioni ordinarie di Classe A, poiché non è riuscita a completare una combinazione aziendale iniziale entro la scadenza del 5 novembre 2024. L’azienda cesserà le operazioni e inizierà le procedure di liquidazione. Gli azionisti riceveranno circa $11.42 per azione dal conto fiduciario, che detiene circa $15.3 milioni. Il riscatto sarà efficace dal 13 novembre 2024, dopo di che i warrant della società scadranno senza valore. L’azienda prevede di dismettere dalla Nasdaq Capital Market e di terminare la registrazione dei propri titoli.
Onyx Acquisition Co. I (ONYX) ha anunciado que redimirá todas las acciones ordinarias de Clase A, ya que no logró completar una combinación comercial inicial antes de la fecha límite del 5 de noviembre de 2024. La empresa cesará operaciones y comenzará procedimientos de liquidación. Los accionistas recibirán aproximadamente $11.42 por acción de la cuenta fiduciaria, que tiene aproximadamente $15.3 millones. La redención será efectiva el 13 de noviembre de 2024, después de lo cual las opciones de la empresa caducarán sin valor. La empresa planea eliminarse del Nasdaq Capital Market y dar por terminado su registro de valores.
Onyx Acquisition Co. I (ONYX)는 2024년 11월 5일 기한까지 초기 사업 결합을 완료하지 못했기 때문에 모든 Class A 보통주를 상환할 것이라고 발표했습니다. 회사는 운영을 중단하고 청산 절차를 시작할 것입니다. 주주들은 약 $11.42 per share를 신탁 계좌에서 받을 것이며, 이 계좌에는 약 $15.3 million이 보관되어 있습니다. 상환은 2024년 11월 13일부터 유효하며 그 이후로 회사의 워런트는 무효화됩니다. 회사는 Nasdaq Capital Market에서 상장 폐지할 계획이며 증권 등록을 종료할 것입니다.
Onyx Acquisition Co. I (ONYX) a annoncé qu’elle allait racheter toutes les actions ordinaires de Classe A en circulation, car elle n’a pas réussi à finaliser une combinaison d’affaires initiale avant la date limite du 5 novembre 2024. L’entreprise cessera ses opérations et engagera des procédures de liquidation. Les actionnaires recevront environ $11.42 par action du compte fiduciaire, qui détient environ $15.3 millions. Le rachat sera effectif le 13 novembre 2024, après quoi les bons de souscription de l’entreprise perdront toute valeur. L’entreprise prévoit de se retirer du Nasdaq Capital Market et d’annuler son enregistrement de titres.
Onyx Acquisition Co. I (ONYX) hat bekannt gegeben, dass alle ausstehenden Stammaktien der Klasse A zurückgekauft werden, da es nicht gelungen ist, bis zur Frist am 5. November 2024 eine erste Unternehmenskombination abzuschließen. Das Unternehmen wird die Geschäftstätigkeit einstellen und mit den Abwicklungsverfahren beginnen. Die Aktionäre werden ungefähr $11.42 pro Aktie aus dem Treuhandkonto erhalten, das etwa $15.3 Millionen enthält. Die Rücknahme wird am 13. November 2024 wirksam, nach dem die Optionen des Unternehmens wertlos verfallen. Das Unternehmen plant, sich vom Nasdaq Capital Market abzulisten und die Wertpapierregistrierung zu beenden.
Positive
- Shareholders will receive approximately $11.42 per share redemption payment
- Trust account balance of $15.3 million available for distribution to shareholders
Negative
- Company failed to complete business combination within required timeframe
- Company will cease all operations and liquidate
- Warrants will expire worthless
- Stock will be delisted from Nasdaq
Insights
This SPAC dissolution announcement carries significant implications for investors. The company will redeem all public shares at $11.42 per share from a trust balance of $15.3M, representing a modest return above the typical $10 IPO price. The complete liquidation process includes worthless expiration of warrants and founder shares waiving redemption rights.
The inability to find a suitable merger target within the specified timeframe reflects the challenging SPAC market conditions. This outcome, while disappointing for those seeking acquisition-based returns, provides a guaranteed exit for shareholders with their principal plus interest. The delisting from Nasdaq and deregistration process signals the final phase of the SPAC’s lifecycle.
New York, New York, Oct. 25, 2024 (GLOBE NEWSWIRE) — Onyx Acquisition Co. I. (the “Company”) (Nasdaq: ONYX), a special purpose acquisition company, today announced that it will redeem all of its outstanding Class A ordinary shares included as part of the units issued in its initial public offering (the “Public Shares”), effective as of the close of business on November 13, 2024, 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”). Accordingly, the Company will not be seeking a further extension as contemplated by the preliminary proxy statement filed with the Securities and Exchange Commission (the “Commission”) on October 11, 2024.
As stated in the Company’s Articles, if the Company is unable to complete an initial business combination by November 5, 2024, 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 (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating 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 board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors, and the requirements of other applicable law.
The per-share redemption price for the Public Shares is expected to be approximately $11.42 (after taking into account the removal of $100,000 of the accrued interest in the Trust Account for dissolution expenses) (the “Redemption Amount”). The balance of the Trust Account as of October 25, 2024 was approximately $15,315,732.02, inclusive of accrued and unposted interest. In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest from the Trust Account to pay dissolution expenses.
As of the close of business on November 13, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares to the Company’s transfer agent, Continental 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 and private placement warrants. After November 13, 2024, the Company shall cease all operations except for those required to wind up the Company’s business.
Because the Company will not consummate an initial business combination within the periods required under its Articles and Nasdaq Listing Rule IM 5101-2, the Company intends to file a Form 25 with the Commission on November 4, 2024 in order to delist the Company’s securities from the Nasdaq Capital Market. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of the Company’s securities under the Securities Exchange Act of 1934, as amended.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such statements include, but are not limited to, statements regarding the expected Redemption Amount and anticipated filings with the Commission. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including, without limitation, the risk factors described under “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2024, in our subsequently filed Quarterly Reports on Form 10-Q filed with the SEC, and in other reports the Company may file with the Commission from time to time.
All such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as the result of new developments or otherwise, except as required by applicable law. Readers are cautioned not to put undue reliance on forward-looking statements.
Contact
Matthew Vodola
Chief Financial Officer
973 879 9932
mvodola@onyxacqu.com
FAQ
When will Onyx Acquisition Co. I (ONYXU) redeem its public shares?
Onyx Acquisition Co. I will redeem its public shares effective as of the close of business on November 13, 2024.
How much will shareholders receive per share in the ONYXU redemption?
Shareholders will receive approximately $11.42 per share from the trust account.
What happens to ONYXU warrants after the redemption?
The warrants will expire worthless, with no redemption rights or liquidating distributions.
When will ONYXU delist from Nasdaq?
The company plans to file Form 25 with the SEC on November 4, 2024, to initiate the delisting process from the Nasdaq Capital Market.
