New York, NY, Nov. 21, 2024 (GLOBE NEWSWIRE) — bleuacacia ltd (Nasdaq: BLEU), announced today that, due to its inability to complete an initial business combination within the time period required by its amended and restated memorandum and articles of association, as amended, the Company intends to liquidate and dissolve, effective as of the close of business on November 22, 2024, and will redeem all of the outstanding ordinary shares that were included in the units issued to public shareholders in its initial public offering, at a per-share redemption price of approximately $11.10.
As of the close of business on November 22, 2024, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.
In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after November 22, 2024.
The Company’s holders of founder shares have agreed to waive their redemption rights with respect to such shares. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants and rights, which will expire worthless.
The Company expects to file a Form 15 with the United States Securities and Exchange Commission (the “SEC”) to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended, within ten days of the filing of a Form 25.
About bleuacacia ltd
bleuacacia ltd is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
