NEW YORK, July 29 Aug. 2022 (GLOBE NEWSWIRE) — RedBall Acquisition Corp. (the “Company”) (NYSE: RBACU; RBAC; RBACW) announced today that it will repurchase all of its outstanding common shares that were included in the units issued under its initial public offering (the “Public Shares ”), effective after the close of business on August 17, 2022, as the Company will not complete an initial business combination on or before August 17, 2022.
Pursuant to the Amended and Restated Memorandum and Articles of Association (the “Articles”), if the Company does not complete its initial business combination by August 17, 2022, the Company: (i) will cease all activities, except for the purpose of liquidation, (ii) redeem the public shares within ten business days thereafter, at a price per share, payable in cash, equal to the aggregate amount then on deposit in the trust account of the Company, including interest earned on funds held in trust (less taxes payable and up to $100,000 interest to pay termination costs), divided by the number of public shares then outstanding, including redemption completely extinguish the rights of Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) thereafter, subject to the approval of the remaining shareholders of the Company and of its Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to meet the claims of creditors and the requirements of other applicable laws.
The redemption price per share of the public shares will be approximately $10.02.
The Public Shares will cease trading at the close of business on August 16, 2022. Effective after the close of business on August 17, 2022, the Public Shares will be deemed canceled and will represent only the right to receive the Redemption Amount.
The redemption amount will be payable to holders of public shares upon delivery of their shares or units. However, beneficial owners of public shares held in “street name” will not need to take any action to receive the redemption amount.
There will be no redemption rights or liquidation distributions with respect to the Company’s Warrants, which will expire worthless.
The Company expects the New York Stock Exchange to file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company then plans to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
Caution Regarding Forward-Looking Statements
Certain information contained in this press release may be deemed to be forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events , including, without limitation, the redemption of the public shares of the Company and the subsequent dissolution and liquidation of the Company and its delisting from the New York Stock Exchange and the termination of its registration with the Commission. These statements may be preceded, followed by or include the words “may”, “could”, “will”, “probably result”, “should”, “estimate”, “plan”, “project”, “anticipate”, “have intend to”, “expect”, “anticipate”, “believe”, “seek”, “continue”, “target” or similar expressions. These statements are subject to certain risks and uncertainties that could cause our actual results in the future to differ materially from the Company’s historical results and those currently anticipated or projected. The Company wishes to caution investors not to place undue reliance on these forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances occurring after such date. The Company undertakes no obligation to update forward-looking statements, except as required by applicable securities laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to such or other forward-looking statements.