Item 8.01. Other Events
On March 21, 2023, Aries I Acquisition Corporation (the "Company") announced
that it will not seek an extension of the time to complete an initial business
combination and that it will redeem all of its outstanding Class A ordinary
shares, par value $0.0001 (the "Public Shares"), effective as of the close of
business on March 31, 2023, because the Company will not consummate an initial
business combination within the time period required by its Amended and Restated
Memorandum and Articles of Association (the "Articles").
As stated in the Company's Articles and in the Company's registration statement
on Form S-1 (Registration No. 333- 253806), initially filed with the United
States Securities and Exchange Commission (the "Commission") on March 3, 2021,
if the Company is unable to complete an initial business combination within 24
months (or by March 21, 2023 as set forth in the Articles) of the Company's
initial public offering, the Company will: (i) cease all operations except for
the purpose of winding up? (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem the Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the
Company's trust account (the "Trust Account"), including interest earned on the
Trust Account and not previously released to the Company to pay tax obligations,
if any, less up to $100,000 of interest to pay dissolution expenses, divided by
the number of the issued and Public Shares, which redemption will completely
extinguish public shareholders' rights as shareholders (including the right to
receive further liquidation distributions, if any)? and (iii) as promptly as
reasonably possible following such redemption, subject to the approval of the
Company's remaining shareholders and the Directors, liquidate and dissolve,
subject in the case of the foregoing clauses (ii) and (iii), to its obligations
under Cayman Islands law to provide for claims of creditors, and in all cases
subject to the other requirements of applicable law.
The per-share redemption price for the Public Shares will be approximately
$10.51 (the "Redemption Amount"). The balance of the Trust Account as of March
8, 2023 was approximately $24,057,655. In accordance with the terms of the
related trust agreement, the Company expects to retain $100,000 of the interest
and dividend income from the Trust Account to pay dissolution expenses.
After the redemption is complete, the Public Shares will be deemed cancelled and
will represent only the right to receive the Redemption Amount.
The Redemption Amount will be payable to the holders of the Public Shares upon
delivery of their shares or units to the Company's transfer agent, Continental
Stock Transfer & Trust Company. Beneficial owners of Public Shares held in
"street name," however, will not need to take any action in order to receive the
Redemption Amount.
There will be no redemption rights or liquidating distributions with respect to
the Company's warrants, which will expire worthless.
The Company's sponsor has waived its redemption rights with respect to the
outstanding founder shares and private placement warrants. After the redemption
is complete, the Company shall cease all operations except for those required to
wind up the Company's business.
The Company expects that The Nasdaq Stock Market LLC will file a Form 25 with
the Commission in order to delist the Company's securities. The Company
thereafter expects to file a Form 15 with the Commission to terminate the
registration of the Company's securities under the Securities Exchange Act of
1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (embedded with the Inline XBRL document
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