MIAMI, Dec. 9, 2022
/PRNewswire/ -- DILA Capital Acquisition Corp (the "Company")
(Nasdaq: DILAU, DILA, DILAW), a special purpose acquisition
company, today announced that it will redeem all of its outstanding
shares of Class A common stock (the "public shares"),
effective as of the close of business on December 22, 2022 (the "Redemption Date"),
because the Company will not complete an initial business
combination within the time period required by its Amended and
Restated Certificate of Incorporation (the "Certificate of
Incorporation").
As stated in the Company's registration statement on Form S-1,
effective as of June 14, 2021, and in
the Certificate of Incorporation, if the Company has not completed
an initial business combination within 18 months of the closing of
the Company's initial public offering, or December 17, 2022, 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 subject to lawfully available funds therefor, redeem
100% of the public shares in consideration of a per-share price,
payable in cash, equal to the quotient obtained by dividing (A) the
aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not
previously released to the Company but net of taxes payable, by (B)
the total number of then outstanding public shares, which
redemption will completely extinguish rights of the public
stockholders (including the right to receive further liquidating
distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject
to the approval of the remaining stockholders and the board of
directors of the Company in accordance with applicable law,
dissolve and liquidate, subject in the case of clauses (ii) and
(iii) to the Company's obligations under the DGCL to provide for
claims of creditors and other requirements of applicable law.
The per-share redemption price for the public shares is expected
to be approximately (but not less than) $10.00 (the "Redemption Amount"). In
accordance with the terms of the related trust agreement, the
Company expects to retain interest earned on the funds deposited in
the trust account to pay the Company's tax obligations.
As of the close of business on the Redemption Date, assuming
that a sum sufficient to redeem the public shares has been
irrevocably deposited or set aside to pay the Redemption Amount for
each public share, such public shares will be deemed to no longer
be outstanding and will represent only the right to receive the
Redemption Amount for each such public share.
The Redemption Amount will be payable to the holders of the
public shares upon presentation of their respective stock or unit
certificates or other 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 expects that the last day of trading of its units
and common stock on the Nasdaq Stock Market ("Nasdaq") will be
December 22, 2022, following which,
the Company expects that Nasdaq will file a Form 25 with the United
States Securities and Exchange Commission (the "Commission") to
delist its units and common stock on or about December 23, 2022. The Company thereafter expects
to file a Form 15 with the Commission to terminate the registration
of its securities under the Securities Exchange Act of 1934, as
amended.
About DILA Capital Acquisition Corp
DILA Capital Acquisition Corp is a blank check company
incorporated for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses or
entities.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, the words "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. Such forward-looking statements are based
on current information and expectations, forecasts and assumptions,
and involve a number of judgments, risks and uncertainties.
Accordingly, forward- looking statements should not be relied upon
as representing the Company's views as of any subsequent date, and
the
Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. You should not place undue reliance on
these forward-looking statements. As a result of a number of known
and unknown risks and uncertainties, actual results or performance
may be materially different from those expressed or implied by
these forward-looking statements.
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SOURCE DILA Capital Acquisition Corp.
