Atlantic Coastal Acquisition Corp. Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination; Per-Share Redemption Price For The Public Shares Will Be ~$10.40
Portfolio Pulse from Happy Mohamed
Atlantic Coastal Acquisition Corp. (NASDAQ:ACAH) has announced that it will redeem all of its outstanding shares of Class A common stock at a per-share redemption price of approximately $10.40. The company will not be consummating an initial business combination and will cease all operations except for winding up. The company's securities will cease trading on the Nasdaq Stock Market on August 18, 2023, and the public shares will be deemed cancelled as of August 21, 2023.
August 18, 2023 | 8:21 pm
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Atlantic Coastal Acquisition Corp.'s decision to redeem all outstanding shares and cease operations will likely lead to a short-term decrease in its stock price. The company's securities will stop trading on Nasdaq from August 18, 2023.
The company's decision to redeem all outstanding shares and not consummate an initial business combination indicates a winding up of operations. This will likely lead to a decrease in the company's stock price in the short term. Furthermore, the company's securities will cease trading on the Nasdaq Stock Market from August 18, 2023, which will further impact the stock's liquidity and price.
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