FTAC Zeus Acquisition Corp. Announces Cancellation Of Special Meeting And Redemption Of Public Shares; Per-Share Redemption Price Of ~$10.49
Portfolio Pulse from Happy Mohamed
FTAC Zeus Acquisition Corp. (NASDAQ:ZING) has announced the cancellation of its special meeting scheduled for August 21, 2023, and the redemption of all outstanding shares of Class A common stock at a per-share redemption price of approximately $10.49. The company will dissolve and liquidate as it will not consummate an initial business combination within the required time period. The company's securities are expected to be delisted from the Nasdaq Stock Market LLC and cease trading as of the close of business on August 22, 2023.
August 21, 2023 | 12:16 pm
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FTAC Zeus Acquisition Corp.'s decision to dissolve and liquidate will lead to the redemption of all outstanding shares at $10.49 each. The company's securities will be delisted from Nasdaq and cease trading on August 22, 2023.
The company's decision to dissolve and liquidate indicates a failure to achieve its initial business combination within the required time period. This will lead to the redemption of all outstanding shares and the delisting of the company's securities from Nasdaq. These actions are likely to negatively impact the company's stock price in the short term.
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