Iconic Sports Acquisition Corp. Will Redeem Its Class A Ordinary Shares And Will Not Consummate An Initial Business Combination; Per-Share Redemption Price For The Shares Will Be ~$10.82
Portfolio Pulse from Benzinga Newsdesk
Iconic Sports Acquisition Corp. (ICNC) has announced that it will redeem all of its issued and outstanding Class A ordinary shares at a per-share redemption price of approximately $10.82. The redemption is due to the company's inability to consummate an initial business combination within the required time period. The shares are expected to be redeemed on or around October 11, 2023. The company's agreement with Eagle Football Holdings Limited has expired. The company will cease all operations except for winding up after October 11, 2023.
September 25, 2023 | 1:51 pm
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Iconic Sports Acquisition Corp. (ICNC) will redeem all of its Class A ordinary shares at a per-share price of approximately $10.82. The company will cease all operations except for winding up after October 11, 2023.
The company's decision to redeem all of its Class A ordinary shares and cease operations will likely have a negative impact on its stock price. Investors may see this as a sign of financial instability, leading to a decrease in demand for the company's shares.
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