Carney Technology Acquisition II today announced that its shareholder meeting will be postponed from Dec. 13 to Dec. 14.
Stockholders who wish to withdraw their previously submitted redemption request may do so prior to the rescheduled meeting by requesting that the transfer agent return shares by 8 a.m. Eastern on Dec. 14.
Carney II raised $402.5 million in a December 2020 IPO.
Additionally, to mitigate the current uncertainty surrounding the implementation of the Inflation Reduction Act of 2022, in the event that the extension proposal is approved, the SPAC’s sponsor has agreed to indemnify the company against any excise tax liabilities with respect to any future redemptions that occur after Dec. 31 as well as prior to a business combination or liquidation of the SPAC. Additionally, if the Extension is implemented, the Company plans to maintain the remaining amount in its trust account in an interest-bearing demand deposit account. Interest on such deposit account is variable and currently expected to be approximately 3% annually. If the the extension is approved, the sponsor has agreed to deposit into the trust 4 cents a share monthly for each public share that is not redeemed, up through the proposed new deadline of June 14, 2023. Read more.
