Kernel Group Holdings Will Redeem Public Shares, Per-Share Redemption Price For The Public Shares Will Be ~$10.80
Kernel Group Holdings, Inc (the "Company") (NASDAQ:KRNLU, KRNL, KRNLW))))), a special purpose acquisition company, today announced 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 August 5, 2024, as 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").
The Company concluded it would be unable to meet its expectations for quality and long-term return potential by completing an initial business combination by August 5, 2024.
As such, in accordance with the Company's Articles, the Company will:
| ● | cease all operations as of August 5, 2024, except those required to wind up the Company's business ; |
| ● | as promptly as reasonably possible, 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 funds held in the Trust Account and not previously released to the Company to pay the Company's income taxes, if any (less $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders of the Company (including the right to receive further liquidation distributions, if any); and |
| ● | as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining shareholders and the Company's board of directors, liquidate and dissolve, subject to the Company's obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. |
The per-share redemption price for the public shares will be approximately $10.80 (the "Redemption Amount"). The balance of the Trust Account as of July 10, 2024 was approximately $5.5 million. 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.
① During the campaign period, US stocks, US stocks short selling, US stock options, Hong Kong stocks, and A-shares trading will maintain at $0 commission, and no subscription/redemption fees for mutual fund transactions. $0 fee offer has a time limit, until further notice. For more information, please visit: https://www.webull.hk/pricing
Webull Securities Limited is licensed with the Securities and Futures Commission of Hong Kong (CE No. BNG700) for carrying out Type 1 License for Dealing in Securities, Type 2 License for Dealing in Futures Contracts and Type 4 License for Advising on Securities.
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