GREENWICH, Conn., Oct. 29,
2024 /PRNewswire/ -- Aetherium Acquisition Corp.
(Nasdaq: GMFI) ("Aetherium" or "Company") announced today that it
received written notice from Capital A Berhad stating that it has
elected to unilaterally terminate the business combination
agreement dated February 28, 2024,
entered into between Capital A Berhad, the Company and other
parties named therein (the "Business Combination Agreement" or
"BCA"). The Company was not made aware of Capital A Berhad's
decision prior to it receiving notice.
The termination was made with reference to Section 9.1(h) of the
Business Combination Agreement and relating to Aetherium previously
receiving a written determination by Nasdaq to delist Aetherium's
securities for failure to meet a continued listing standard.
Capital A's management understood the basis for Aetherium's
continued non-compliance, which resulted from Capital A's delays in
timely completing Form F-4 to submit to the SEC. Prior to Nasdaq's
delisting decision, Capital A had fully supported Aetherium through
its Nasdaq extension requests and had completed its Form F-4
several months ago. Since then, Aetherium has been waiting for
Capital A to submit Form F-4 to the SEC to complete the business
combination.
Aetherium's Board considers this unilateral termination of the
BCA while simultaneously submitting a Regularization Plan
("RegPlan") to Bursa Malaysia, which initially included but now
excludes this business combination merger is not acting in good
faith as is bilaterally stipulated in the BCA. Prior to receiving
the notice of termination, Aetherium regularly received
reassurances that Capital A would move forward toward completing
this business combination.
Aetherium intends to engage with Capital A's management to
determine whether Bursa Malaysia was preventing this transaction,
as applying for a listing on Nasdaq is a separate process, and no
approvals are required until the SEC process is complete.
"We were disappointed to learn via media reports that Capital A
Berhad's board had unilaterally decided to terminate a business
combination of its branding business, Capital A International, with
Aetherium, a transaction that we believe would have unlocked
substantial value for shareholders," said Lim How Teck, an independent director of
Aetherium. "This decision, following months of delays by Capital A
International in filing the F-4 registration statement that had
been prepared, is very concerning. We look forward to learning more
and will take all reasonable steps to seek a positive resolution
for the shareholders of both companies."
About Aetherium Acquisition Corp.
Aetherium Acquisition Corp. is a blank check company formed to
effect a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization, or similar business combination with one
or more businesses. Efforts to identify a prospective target
business will not be limited to a particular business, industry
sector, or geographical region. However, it intends to focus on
companies in Asia (excluding
China).
Forward-Looking Statement
This press release contains statements that may constitute
"forward-looking statements," including with respect to Aetherium's
pursuit of an alternative business combination. No assurance can be
given that Aetherium will successfully seek and consummate such an
alternative business combination. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Aetherium, including those set forth in the Risk Factors
section of Aetherium's public filings with the Securities and
Exchange Commission. Copies are available on the SEC's website,
www.sec.gov. Aetherium undertakes no obligation to update these
statements for revisions or changes after the date of this release
except as required by law.
Aetherium Contact
Info@aetheriumcapital.com
Investor Contact
Crocker Coulson, CEO, AUM Media
+1 (646) 652-7185
crocker.coulson@aummedia.org
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SOURCE Aetherium Acquisition Corp