Iron Spark I Inc. (NASDAQ:ISAA) (the "Company") announced that it will not be able to complete its previously announced business combination with Hypebeast Limited by year-end. The proposed amendment to the Company's certificate of incorporation, which changes the date by which the Company must consummate an initial business combination from June 11, 2023 to December 28, 2022, was approved at the special meeting of stockholders held on December 19, 2022. The Company intends to dissolve and liquidate promptly after December 28, 2022. The Company will redeem all of the outstanding public shares of common stock (the "Public Shares") at an expected per-share redemption price of approximately $10.09.
As of the close of business on December 28, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the expected per-share redemption price.
In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate the securities held in 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 expected per-share redemption price. The redemption of the Public Shares is expected to be completed within ten business days after December 19, 2022.