SEP Acquisition Corp, a company specializing in surgical and medical instruments and apparatus, has announced its imminent delisting from the Nasdaq Stock Market LLC. The Houston-based entity, which formerly operated under the name Mercury Ecommerce Acquisition Corp, has been preparing for this strategic move following its inability to accomplish a business combination by the designated Termination Date of July 30, 2024.
The company's Board of Directors, backed by stockholder consent, has resolved to wind up operations if a business combination is not realized by the Termination Date. In accordance with this decision, SEP Acquisition Corp will redeem all outstanding shares of common stock that were sold during its initial public offering. The redemption price per share will be calculated by dividing the total funds in the company's trust account, including accrued interest not used for tax payments or related expenses (with up to $100,000 reserved for dissolution expenses), by the total number of outstanding shares.
On July 10, 2024, SEP Acquisition Corp informed Nasdaq of its expected redemption, liquidation, and dissolution plans and requested the suspension of trading for its Class A Common Stock, warrants, and units after market close on the following Monday. Nasdaq is anticipated to file a Form 25 with the SEC to officially delist and deregister the securities under Section 12(b) of the Securities Exchange Act of 1934, as amended. The delisting will take effect soon after the filing, and the company will then proceed to file a Form 15 to terminate its reporting obligations under the Exchange Act.
The total amount available for redemption from the trust account, after accounting for tax withdrawals and related expenses, stood at $13,505,269.31, with 1,304,259 shares outstanding. This puts the estimated per-share redemption price at approximately $10.35. This redemption will nullify all rights of the public stockholders, including any rights to additional liquidating distributions.
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