Waverley Capital Acquisition Corp. 1 Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination; Per-Share Redemption Price For The Public Shares Will Be ~$10.37
Portfolio Pulse from Happy Mohamed
Waverley Capital Acquisition Corp. 1 (NYSE: WAVC) has announced that it will redeem all of its outstanding Class A ordinary shares at a per-share redemption price of approximately $10.37, effective as of September 8, 2023. The company will not consummate an initial business combination within the required time period and will cease all operations except for winding up. The last day the company's securities will trade on the NYSE will be August 24, 2023. The company's sponsor has waived its redemption rights with respect to the outstanding founder shares and the shares underlying the private placement warrants.
August 23, 2023 | 8:28 pm
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Waverley Capital Acquisition Corp. 1 will redeem all of its outstanding shares and cease operations, which will likely lead to a decrease in its stock price.
The company's decision to redeem all of its outstanding shares and cease operations indicates a lack of future growth potential, which will likely lead to a decrease in its stock price. Additionally, the company's securities will no longer be traded on the NYSE after August 24, 2023, further reducing its attractiveness to investors.
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