Accretion Acquis Stock Price, News & Analysis

Accretion Acquisition Corp. (NASDAQ: ENER) stands as a blank check company, meticulously organized with the sole objective of executing a business combination. This could involve a merger, share exchange, asset acquisition, stock purchase, recapitalization, or any similar business amalgamation with one or more entities across various industries and regions.

The company's latest directive came on December 18, 2023, when the board of directors decided against extending its corporate existence. As stated in the company's definitive proxy statement filed with the SEC, the board opted to cancel the annual stockholders' meeting scheduled for December 19, 2023. Consequently, Accretion Acquisition Corp. plans to redeem all its outstanding common stock, effective around December 26, 2023, due to its inability to complete an initial business combination within the stipulated timeframe defined by its amended and restated certificate of incorporation.

In accordance with the company's charter, the following steps will be undertaken if the business combination isn't completed by December 25, 2023: ceasing all operations except for winding up, redeeming 100% of the public shares at a per-share price (payable in cash), and proceeding with company dissolution and liquidation. All these steps are subject to the requirements of the Delaware General Corporation Law, ensuring the claims of creditors are duly met.

The last trading day of the company's common stock is anticipated to be December 22, 2023. Post this date, the public shares will be suspended from trading and deemed canceled, with holders entitled to receive the redemption amount. Importantly, beneficial owners of public shares held in 'street name' need not take any action to secure the redemption amount.

Accretion Acquisition Corp. has clarified that there will be no redemption rights or liquidating distributions for the company's warrants or rights. The initial stockholders have waived their redemption rights concerning the shares issued before the initial public offering. The company expects the Nasdaq Stock Market LLC to file a Form 25 to delist its securities.

For further details, the company's recent press release includes forward-looking statements and notes the various factors that could influence actual results, as detailed in the company's filings with the SEC.

For inquiries, please contact Brad Morse at brad@fulcrumef.com.