Exhibit 99.1
ABG Acquisition Corp. I will Redeem its Publicly Held Class A Ordinary Shares
New York, February 10, 2023 – ABG Acquisition Corp. I (the “Company”) (Nasdaq: ABGI), a special purpose acquisition company, today announced that as of the close of business on February 21, 2023, the Company’s publicly held Class A ordinary shares, par value $0.0001 (the “Public Shares”), will be deemed cancelled and will represent only the right to receive from the Company’s trust account (“Trust Account”) the per-share redemption price for the Public Shares to be announced at a later date (the “Redemption Amount”), because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Articles”). In accordance with the terms of the related trust agreement, the Company expects to retain interest income from the Trust Account to pay dissolution expenses, and taxes, if any.
As stated in the Company’s Articles, if the Company is unable to complete an initial business combination within 24 months of the initial public offering (the “IPO”), the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law.
The Redemption Amount will be payable to the holders of the Public Shares upon delivery of their shares to the Company’s transfer agent, Continental Stock Transfer & Trust Company. 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 Company’s sponsor and each of its officers and directors have waived, with respect to the Company’s Class B ordinary shares and Class A ordinary shares issued in a private placement in connection with the IPO held by it, her or him, as applicable, any redemption rights it, she or he may have. After February 19, 2023, the Company shall cease all operations except for those required to wind up the Company’s business.
The Company anticipates that the Public Shares will cease trading on The Nasdaq Capital Market (“Nasdaq”) as of the close of business on February 17, 2023. The Company expects that Nasdaq will file a Form 25 with the Commission in order to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of the Company’s securities under the Securities Exchange Act of 1934, as amended.
