PMV Consumer Acquisition Corp. (OTC Pink: PMVC) (“PMV” or the “Company”) said today that, in line with the terms of its charter, it has completed the redemption of all of the 2,046,609 shares of its outstanding Class A common stock that were subject to redemption.
Owners of the 2,042,409 Class A IPO Shares that were called for redemption opted to receive a pro-rata portion of the money in the IPO Trust Account held by the business, along with any interest accrued thereon net of interest that may be used by the business to pay its taxes due.
The pro rata amount of $10.10 per share was calculated by dividing the quantity of Class A IPO Shares redeemed from each of these holders by the quantity of Class A IPO Shares that are still outstanding.
Holders of a total of 4,200 shares of Class A IPO Shares who were summoned to redeem their shares opted to receive Class C Common Stock in exchange for their shares of the 200,000 shares of Class C Common Stock held in the IPO Trust Account. This Class C Common Stock was distributed on a one-for-one basis.
The number of Class A IPO Shares redeemed from each such holder was divided by the total number of Class A IPO Shares redeemed from all holders of Class A IPO Shares that opted to receive stock to determine the pro rata portion of the Class C Common Stock held in the IPO Trust Account. Released from the IPO Trust Account and transferred to the Company is the sum of roughly $42,424 that would have been paid to holders who had not redeemed for cash.
Following the distribution of cash and stock to owners of Class A IPO Shares and the full liquidation of the trust’s holdings, the IPO Trust Account will be closed.
The 3,000,000 shares of Class A Common Stock that PMV Consumer Acquisition Holding Company, LLC, the Company’s Sponsor, owned were not redeemed and were expressly disqualified from sharing in any of the cash or stock held in the IPO Trust Account. They were also not otherwise entitled to such assets.
All rights of the holders of the redeemed Class A IPO Shares as shareholders of the Company have been terminated, and the shares are no longer considered to be outstanding. Future, the terms of paragraphs A through I of Article Sixth of the Company’s charter, including those relating to any business combination and the IPO Trust Account, are considered revoked and have no further legal force or effect.
PMV Consumer Acquisition Corp. information
To accomplish a merger, share exchange, asset acquisition, share purchase, reorganization, or other comparable business combination with one or more firms or entities, PMV Consumer Acquisition Corp. was initially established as a shell company. Although the Company initially plans to concentrate on business possibilities in the consumer market, its efforts to find a business opportunity will not be restricted to any one industry or geographical area.
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