Heritage Distilling Holding Company, Inc. cancelled the acquisition of Better World Acquisition Corp. from a group of shareholders in a reverse merger transaction.
The transaction is subject to the approval of the business combination Agreement and the transactions and related matters by the requisite vote of Better World's stockholders; Heritage stockholder approval; obtaining any material regulatory approvals and third-party consents; no law or order preventing or prohibiting the Transactions; either Better World (immediately prior to the Closing) or Pubco (upon the consummation of the Closing) having at least $5,000,001 in net tangible assets as of the Closing, after giving effect to the completion of the Closing Redemption and any transaction financing; appointment of the post-closing board of directors of Pubco in accordance with the Business Combination Agreement; the effectiveness of the Registration Statement; the Pubco Common Stock to be issued in connection with the Transactions having been approved for listing on Nasdaq.. The transaction has been unanimously approved by the boards of directors of both Better World and Heritage. The transaction is currently expected to close in the second quarter of 2023.
Stuart Neuhauser and Matthew A. Gray of Ellenoff Grossman & Schole LLP is serving as legal advisor to Better World. M. Ali Panjwani and Eric M. Hellige of Pryor Cashman LLP is serving as legal advisor to Heritage. Mark Zimkind of Continental Stock Transfer & Trust Company acted as transfer agent and registrar to BWAC. NOBLE Capital Markets, Inc. acted as financial advisor and fairness opinion provider to BWAC. BWAC will pay a fee of $0.15 million to NOBLE for rendering fairness opinion. BWAC engaged Advantage Proxy to assist in the solicitation of proxies for the Special Meeting for a fee of $10,000.
Heritage Distilling Holding Company, Inc. cancelled the acquisition of Better World Acquisition Corp. (NasdaqCM:BWAC) from a group of shareholders in a reverse merger transaction on May 18, 2023.