NEW YORK: ION Acquisition Corp 3 Ltd. intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Memorandum and Articles of Association and will redeem all of the ordinary shares outstanding, at a per share redemption price of approximately $10.08.
ION Acquisition Corp 3 Ltd. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.
The Company announced that, due to its anticipated inability to consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association, the company will liquidate.
As of the close of business on November 17, 2022, the ordinary shares will be deemed cancelled and will represent only the right to receive the redemption amount.
In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the ordinary shares.
Record holders may redeem their ordinary shares for their pro rata portion of the proceeds of the trust account by delivering their shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of ordinary shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the ordinary shares is expected to be completed by November 23, 2022.
Acquisition Corp 3 Ltd.’s initial stockholders have waived their redemption rights with respect to its outstanding ordinary shares issued prior to the Company’s initial public offering.
The Company expects that the New York Stock Exchange will file a Form 25 with the United States Securities and Exchange Commission (the “SEC”) to delist its securities. The Company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.