99 Acquisition Group, Inc. (Nasdaq: NNAG) has announced its intention to dissolve and liquidate on or about September 13, 2024, following the failure to complete its previously announced business combination with Nava Health MD, Inc. The company will redeem all outstanding public shares at an expected per-share redemption price of approximately $10.55. Public shares will be deemed cancelled as of the close of business on September 13, 2024, representing only the right to receive the redemption price. The trust account's proceeds will be held in a non-interest bearing account awaiting disbursement to shareholders. Record holders must deliver their shares to the transfer agent, while beneficial owners in 'street name' need not take action to receive the redemption price.
99 Acquisition Group, Inc. (NNAGU) announced a correction to its previous press release regarding the extension of its deadline to consummate a business combination. The company's sponsor deposited $558,000 into the trust account, falling short of the required $750,000 for a three-month extension. As a result, the attempted extension was defective under the company's charter.
The company now plans to seek approval for a Charter Amendment to set a new deadline date and make other changes. Stockholders will have the option to redeem their public shares upon approval of the amendment. Additionally, 99 Acquisition Group has entered into a Merger Agreement with Nava Health MD, Inc., aiming to acquire 100% of Nava Health's equity securities.
99 Acquisition Group announced that its sponsor deposited $750,000 into the trust account, extending the period to complete a business combination by three months, from May 22, 2024, to August 22, 2024. This extension, the first of two possible three-month extensions, provides additional time to finalize the merger with Nava Health MD, Inc. The merger agreement, signed on February 12, 2024, will result in Nava Health becoming a wholly-owned subsidiary of 99 Acquisition Group.