CAMBRIDGE, Mass., Jan. 31, 2023 (GLOBE NEWSWIRE) — Catalyst Partners Acquisition Corp., (the “Company”) today announced that, pursuant to its anticipated inability to complete an initial business combination within the time period required by its amended Cause and Restated Memorandum and Articles of Association, the Company intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Memorandum and Articles of Association and will redeem all outstanding common shares at a redemption price of approximately $10.18 per share.
Until the close of business on January 31, 2023, the Ordinary Shares will be considered canceled and will represent only the right to receive the redemption amount.
In order to provide for disbursement of funds from the Trust Account, the Company has directed the Trustee of the Trust Account to take all necessary action to liquidate the Trust Account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting distribution to holders of ordinary shares. Holders of record may redeem their ordinary shares for their proportionate share of the trust account’s proceeds by delivering their shares to Continental Stock Transfer & Trust Company, the company’s transfer agent. However, the beneficial owners of the Ordinary Shares held in “Street Name” will not be required to take any action to receive the redemption proceeds. The redemption of ordinary shares is expected to be completed by February 6, 2023.
The Company’s Initial Stockholders have waived their redemption rights with respect to their outstanding Ordinary Shares issued prior to the Company’s Initial Public Offering. The Company shall have no redemption rights or liquidation distribution in respect of the warrants, which shall become worthless.
The Company expects to file Form 25 with the United States Securities and Exchange Commission (“SEC”) to delist its securities from Nasdaq Stock Market LLC. The Company then expects to file with the SEC an amended Form 15 to terminate the registration of its securities under the Securities Exchange Act of 1934.
About Catalyst Partners Acquisition Corp.
Catalyst Partners Acquisition Corp., is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Safe Harbor provisions of the United States Private Securities Litigation Reform Act, 1995. Some of these forward-looking statements may be described as “believes, believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “will” is,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the effect of the restatement of certain historical financial statements of the Company, the Company’s cash position and cash held in the trust account and any proposed corrective measures with respect to material weaknesses identified. Contains statements about the remedy. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties that could cause actual results to differ materially. The company assumes no obligation to update or revise any such forward-looking statement, whether as a result of new developments or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements.
Catalyst Partners Acquisition Corp.