Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMAU), a company specializing in miscellaneous electrical machinery, equipment, and supplies, has made a significant declaration regarding its trust account funds.
Today, the Chicago-based company stated that the funds held in its trust account, which were initially raised during its initial public offering, will not be used to cover any expenses related to the dissolution of the trust account.
This announcement ensures that the capital, including any accrued interest, will remain intact for purposes other than covering potential liquidation expenses. The trust account was established as part of Welsbach's IPO strategy to secure a portion of the offering's proceeds.
Welsbach, which is incorporated in Delaware and operates under the organization name '04 Manufacturing', is categorized as an emerging growth company. The firm's securities, including units, common stock, and rights, are all traded on The Nasdaq Stock Market under the symbols WTMAU, WTMA, and WTMAR respectively. Each unit traded on the market consists of one share of common stock and one right to receive one-tenth of one share of common stock.
The company, which recently updated its principal executive offices' address to 4422 N. Ravenswood Ave #1025, Chicago, Illinois, has made this information public through a filing with the U.S. Securities and Exchange Commission (SEC) today. The announcement is part of a Current Report on Form 8-K, which also includes other standard financial statements and exhibits.
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