-

Intelligent Medicine Acquisition Corp. Announces It Will Redeem Its Public Shares

BETHESDA, Md.--(BUSINESS WIRE)--Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced that because the Company does not believe it will be able to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (the “Charter”), the Company intends to dissolve and liquidate in accordance with the provisions of the Charter, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $11.22 based on the amount in trust (before any withdrawals for taxes and dissolution expenses) as of April 24, 2023.

Following the redemption, 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 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, less $100,000 of interest to pay dissolution expenses and net of taxes payable, 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 April 27, 2023.

The Company’s sponsors have agreed to waive their redemption rights with respect to their shares of common stock of the Company. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

Nasdaq Stock Market LLC (“Nasdaq”) will suspend trading of the Company’s shares at the open of business on April 27, 2023. The Company expects that Nasdaq will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s annual report on Form 10-K filed with the SEC and subsequent reports filed with the SEC, as amended from time to time. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Brian Ruby, ICR, brian.ruby@icrinc.com

Intelligent Medicine Acquisition Corp.

NASDAQ:IQMD

Release Versions

Contacts

Brian Ruby, ICR, brian.ruby@icrinc.com

More News From Intelligent Medicine Acquisition Corp.

Intelligent Medicine Acquisition Corp. Announces Adjournment of Special Meeting of Stockholders

BETHESDA, Md.--(BUSINESS WIRE)--Intelligent Medicine Acquisition Corp. (Nasdaq: IQMD) (the “Company”) announced today that it has postponed the Company’s Special Meeting of Stockholders to be held on February 3, 2023, at 9:30 a.m. Eastern Time until February 8, 2023, at 9:30 a.m. Eastern Time. The postponed Special Meeting will be completely virtual, and stockholders will be able to attend the special meeting online, vote and submit questions by visiting https://www.cstproxy.com/iqmdspac/2023....

Intelligent Medicine Acquisition Corp. Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing December 27, 2021

BETHESDA, Md.--(BUSINESS WIRE)--Intelligent Medicine Acquisition Corp. (NASDAQ: IQMDU) (the “Company” or “Intelligent Medicine”) today announced that the holders of the Company’s units sold in its initial public offering may elect to separately trade the Class A ordinary shares and redeemable warrants included in the Units commencing on December 27, 2021. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holde...

Intelligent Medicine Acquisition Corp. Announces Closing of Upsized $207,000,000 Initial Public Offering

BETHESDA, Md.--(BUSINESS WIRE)--Intelligent Medicine Acquisition Corp. (NASDAQ: IQMDU) (the “Company” or “Intelligent Medicine”) today announced that it closed its upsized initial public offering of 20,700,000 units at a price of $10.00 per unit, including 2,700,000 units purchased by Cantor Fitzgerald & Co. (“Cantor”) pursuant to the over-allotment option granted to Cantor in its role as sole book running manager for the offering. The units began trading on the Nasdaq Global Market (NASDAQ...
Back to Newsroom