Accretion Acquisition Cancels Annual Meeting, Plans to Redeem Public Shares
Portfolio Pulse from Benzinga Newsdesk
Accretion Acquisition Corp. has decided not to extend its corporate existence and will not proceed with its previously scheduled annual meeting on December 19, 2023. The company plans to redeem all outstanding shares of common stock sold in its initial public offering, effective around December 26, 2023, due to its inability to consummate an initial business combination within the required timeframe.
December 19, 2023 | 6:27 am
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Accretion Acquisition Corp. will redeem all outstanding public shares and cancel its annual meeting, indicating the company will not be pursuing its initial business combination.
The decision to redeem all public shares and cancel the annual meeting suggests that Accretion Acquisition Corp. is winding down its operations. This is typically seen as negative news for shareholders as it indicates the company has not succeeded in its primary goal of finding a business combination. Shareholders are likely to receive the redemption value of their shares, which could be less than the market price they paid, leading to potential losses.
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