99 Acquisition Group, Inc. Announces Liquidation Plans Ahead

Author: Logan Wright Updated: 09-11-2024 09:45 PM

99 Acquisition Group, Inc. Announces Liquidation Plans

In a significant recent development, 99 Acquisition Group, Inc. (NASDAQ: NNAG) has announced that it will not finalize its previously planned business combination with Nava Health MD, Inc. This major decision has led the Company to announce its intention to dissolve and liquidate operations in the near future. As part of this liquidation process, the Company will redeem all outstanding public shares of common stock (referred to as "Public Shares") at an anticipated redemption price of approximately $10.55 each.

Understanding the Redemption Process

The redemption process is quite straightforward for investors holding Public Shares. As of the close of business on a specified date, these shares will be deemed cancelled, meaning shareholders will no longer hold ownership of these shares but will instead have the right to receive the redemption price. This transaction simplifies the exit process for current investors, who have anticipated these developments.

Trust Account Liquidation

To facilitate the smooth disbursement of funds from the Company's trust account, management has instructed the trustee responsible for this account to take all needed actions to liquidate securities held therein. This procedure is critical to ensure that proceeds are available to be disbursed to holders of the Public Shares once liquidation is completed. The funds will be kept in a non-interest bearing account while awaiting distribution to shareholders, assuring security during this transitional period.

How Shareholders Will Receive Their Funds

For record holders of the Public Shares, the process to receive redemption funds requires them to deliver their shares to Continental Stock Transfer & Trust Company, which will act as the transfer agent for the Company. On the other hand, beneficial owners whose shares are held in “street name” will not need to carry out any specific action to receive their expected redemption amount, making it an effortless process for many.

Continental Information

For additional inquiries or information, shareholders can contact: 99 Acquisition Group, Inc. Hiren Patel, CEO Phone: 703-371-4260 Email: hpatel@intelvative.com.

Frequently Asked Questions

What led to 99 Acquisition Group's decision to liquidate?

The Company was unable to complete its planned business merger, which prompted the need for liquidation.

What is the expected redemption price for Public Shares?

The anticipated redemption price is approximately $10.55 per share.

How will shareholders receive their redemption funds?

Record holders must deliver their Public Shares to the transfer agent, while beneficial owners in street name will not need to take action.

What happens to Public Shares after cancellation?

After cancellation, Public Shares will only represent the right to receive the expected redemption price.

Who can shareholders contact for more information?

Shareholders can reach out to Hiren Patel, CEO of 99 Acquisition Group, directly via email or phone for further queries.

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99 Acquisition Group, Inc. Announces Liquidation Plans Ahead