ALSP Orchid To Redeem Public Shares, Won't Consummate Business Combination

KUALA LUMPUR, Nov 9 (Bernama) -- ALSP Orchid Acquisition Corporation I (ALSP Orchid) announced it will redeem all of its outstanding Class A ordinary shares (the Public Shares), effective as of the close of business on Nov 14 or as soon as possible thereafter.

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).

According to a statement, the per-share redemption price for the Public Shares will be approximately US$10.86 (the Redemption Amount). (US$1=RM4.69)

The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares or units to ALSP Orchid’s transfer agent, Continental Stock Transfer & Trust Company.

There will be no redemption rights or liquidating distributions with respect to the company’s warrants, which will expire worthless.

After Nov 14 or as soon as possible thereafter, the company shall cease all operations except for those required to wind up the company’s business.

ALSP Orchid will file a Form 25 with the United States Securities and Exchange Commission (the Commission) in order to delist its securities and 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.

-- BERNAMA