{"id":774429,"date":"2023-08-02T03:46:20","date_gmt":"2023-08-02T07:46:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/welsbach-technology-metals-acquisition-corp-announces-extension-to-business-combination-deadline-working-capital-loan-from-sponsor\/"},"modified":"2023-08-02T03:46:20","modified_gmt":"2023-08-02T07:46:20","slug":"welsbach-technology-metals-acquisition-corp-announces-extension-to-business-combination-deadline-working-capital-loan-from-sponsor","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/welsbach-technology-metals-acquisition-corp-announces-extension-to-business-combination-deadline-working-capital-loan-from-sponsor\/","title":{"rendered":"Welsbach Technology Metals Acquisition Corp. Announces Extension to Business Combination Deadline; Working Capital Loan from Sponsor"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">\n        <strong>FOR IMMEDIATE RELEASE<\/strong>\n      <\/p>\n<p align=\"justify\">New York, NY, Aug.  01, 2023  (GLOBE NEWSWIRE) &#8212; Welsbach Technology Metals Acquisition Corp. (the \u201c<strong>Company<\/strong>\u201d), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a \u201c<strong>Business Combination<\/strong>\u201d), announced today that it has approved an extension of the time period to consummate a Business Combination, in accordance with Article G of the Company\u2019s amended and restated certificate of incorporation, to and including August 30, 2023.<\/p>\n<p align=\"justify\">In connection therewith, the Company has also approved the issuance and sale, to Welsbach Acquisition Holdings LLC (the \u201c<strong>Sponsor<\/strong>\u201d), of a non-interest bearing, unsecured promissory note equal to $125,000 (the \u201c<strong>Proceeds<\/strong>\u201d) that will not be repaid in the event that the Company is unable to close a business combination unless there are funds available outside the trust account to do so. Such note would either be paid upon consummation of the initial business combination out of the proceeds of the Trust Account released to the Company or, at the Sponsor\u2019s discretion, converted, in full or in part, upon consummation of our business combination into additional private units at a price of $10.00 per unit. The Company confirms that such Proceeds were placed on deposit in the Company\u2019s Trust Account. As such, in accordance with Article G of the Company\u2019s amended and restated certificate of incorporation, the Company\u2019s time period to consummate a Business Combination has been extended to and including August 30, 2023.<\/p>\n<p align=\"justify\">In addition, the Sponsor has made an initial working capital loan to the Company, in the amount of $84,000 concurrently with the deposit of the Proceeds. In connection with the extension process, the Company\u2019s independent directors were informed that certain amounts of restricted cash had been used to make payments to certain vendors for services provided to the Company. The proceeds of the working capital loan are sufficient to replenish the Company\u2019s restricted cash level as of the date hereof.<\/p>\n<p align=\"justify\">This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Cautionary Statement Concerning Forward-Looking Statements<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains statements that constitute \u201cforward-looking statements,\u201d including with respect to the potential conversion of the promissory note by the Sponsor into additional private placement units. No assurance can be given that the transactions discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company.<\/p>\n<p align=\"justify\">\n        <strong>Investor Contact:<\/strong>\n      <\/p>\n<p align=\"justify\">Christopher Clower, Welsbach Technology Metals Acquisition Corp. <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rHD4SsOAtHxBtsz0qIT5ewRrDXRXcINbyfp9wy8WNUmIE-wnCLE4X1Z9Aj3eUDl-MgvwvjsWc2Fo709wcRFGt-4KeQTF8RBlUuBaFfvXoUw=\" rel=\"nofollow noopener\" target=\"_blank\"><u>chris@welsbach.sg<\/u><\/a><\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg4NTIxOSM1NzMxNjc1IzUwMDA5ODI2NA==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NWQ2OWZlOTgtZjhiNy00ZWVjLWIxMjgtODM2NGQxNGQ0MWJlLTUwMDA5ODI2NA==\/tiny\/Welsbach-Technology-Metals-Acq.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>FOR IMMEDIATE RELEASE New York, NY, Aug. 01, 2023 (GLOBE NEWSWIRE) &#8212; Welsbach Technology Metals Acquisition Corp. (the \u201cCompany\u201d), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a \u201cBusiness Combination\u201d), announced today that it has approved an extension of the time period to consummate a Business Combination, in accordance with Article G of the Company\u2019s amended and restated certificate of incorporation, to and including August 30, 2023. In connection therewith, the Company has also approved the issuance and sale, to Welsbach Acquisition Holdings LLC (the \u201cSponsor\u201d), of a non-interest bearing, unsecured promissory note equal to $125,000 (the \u201cProceeds\u201d) that will &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/welsbach-technology-metals-acquisition-corp-announces-extension-to-business-combination-deadline-working-capital-loan-from-sponsor\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Welsbach Technology Metals Acquisition Corp. Announces Extension to Business Combination Deadline; Working Capital Loan from Sponsor&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-774429","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Welsbach Technology Metals Acquisition Corp. Announces Extension to Business Combination Deadline; Working Capital Loan from Sponsor - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/welsbach-technology-metals-acquisition-corp-announces-extension-to-business-combination-deadline-working-capital-loan-from-sponsor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Welsbach Technology Metals Acquisition Corp. Announces Extension to Business Combination Deadline; Working Capital Loan from Sponsor - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"FOR IMMEDIATE RELEASE New York, NY, Aug. 01, 2023 (GLOBE NEWSWIRE) &#8212; Welsbach Technology Metals Acquisition Corp. (the \u201cCompany\u201d), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a \u201cBusiness Combination\u201d), announced today that it has approved an extension of the time period to consummate a Business Combination, in accordance with Article G of the Company\u2019s amended and restated certificate of incorporation, to and including August 30, 2023. In connection therewith, the Company has also approved the issuance and sale, to Welsbach Acquisition Holdings LLC (the \u201cSponsor\u201d), of a non-interest bearing, unsecured promissory note equal to $125,000 (the \u201cProceeds\u201d) that will &hellip; Continue reading &quot;Welsbach Technology Metals Acquisition Corp. 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