World View and Leo Holdings Corp. II Intend to Mutually Agree to Terminate Business Combination Agreement

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Space Impulse Brief: 

  • World View and Leo Holdings Corp. II intend to mutually agree to terminate their previously announced business combination agreement.
  • In view of the expected termination of the Business Combination Agreement, Leo determined that it will not be able to consummate an initial business combination within the time period required by its amended and restated memorandum.
  • Leo intends to dissolve and liquidate in accordance with the provisions of the Articles and will redeem all of the outstanding Class A Ordinary Shares, par value $0.0001 per share (the “Public Shares”), on or about December 4, 2023.

PRESS RELEASE — Tucson, Arizona / November 17, 2023 — World View, a global leader in stratospheric exploration and flight, and Leo Holdings Corp. II (NYSE: LHC) (“Leo”), a special purpose acquisition company (“SPAC”), announced today that they intend to mutually agree to terminate their previously announced business combination agreement (the “Business Combination Agreement”).

Over the course of 2023, World View received strong interest from potential investors. However, given challenging market conditions, World View and Leo jointly determined that it was the best course of action at this time to not proceed with their previously announced transaction.

In view of the expected termination of the Business Combination Agreement, Leo determined that it will not be able to consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association (as amended, the “Articles”). As such, Leo intends to dissolve and liquidate in accordance with the provisions of the Articles and will redeem all of the outstanding Class A Ordinary Shares, par value $0.0001 per share (the “Public Shares”), on or about December 4, 2023.

On November 17, 2023, the Public Shares were suspended from trading on the New York Stock Exchange and represent the right to receive the per-share redemption price for the Public Shares of approximately $10.95 (the “Per-Share Redemption Amount”), based on the amount in the trust account established in connection with Leo’s initial public offering (the “Trust Account”) as of November 15, 2023. In accordance with the terms of the Articles, Leo expects to retain $100,000 of the interest earned on the Trust Account to pay dissolution expenses.

The Per-Share Redemption Amount will be payable to the holders of the Public Shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to Leo’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 Per-Share Redemption Amount.

There will be no redemption rights or liquidating distributions with respect to Leo’s warrants. Leo’s initial shareholders have waived their redemption rights with respect to the outstanding Class B ordinary shares, par value $0.0001 per share, issued prior to Leo’s initial public offering. As of November 12, 2023, Leo ceased all operations except those required to wind up Leo’s business.

Leo expects that The New York Stock Exchange will file a Form 25 with the U.S. Securities and Exchange Commission to delist its securities.

Contact Information:

World View Communications
[email protected]

SOURCE: Business Wire

Featured image: Credit: World View

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