Atlantic coastal acquisition corp. will redeem its public shares and will not consummate an initial business combination

New york , aug. 18, 2023 /prnewswire/ -- atlantic coastal acquisition corp. (nasdaq: acah) (the "company"), a special purpose acquisition corporation, today announced that it will redeem all of its outstanding shares of class a common stock (the "public shares"), effective as of august 18, 2023, because the company will not consummate an initial business combination within the time period required by its second amended and restated certificate of incorporation (the "certificate of incorporation"). as stated in the company's certificate of incorporation, if the company is unable to complete an initial business combination by june 8, 2023 (subject to certain inapplicable exceptions), the company will: cease all operations except for the purpose of winding up, as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares in consideration of a per share price, payable in cash, equal to the quotient obtained by dividing (a) the aggregate amount then on deposit in the trust account less up to $100,000 of such net interest to pay dissolution expenses), including interest, if any, not previously released to the company to pay taxes, by (b) the total number of then outstanding public shares, which redemption will completely extinguish rights of the holders of the public shares (including the right to receive further liquidating distributions, if any), subject to applicable law, and as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors of the company in accordance with applicable law, dissolve and liquidate, subject in each case to the company's obligations under the general corporation law of the state of delaware, as amended from time to time, to provide for claims of creditors and other requirements of applicable law.
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