Glenfarne Merger Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

Dec 09, 2022

Glenfarne Merger Corp. (Nasdaq: GGMCU, GGMC, GGMCW) (the “Company”) today announced that if stockholders approve a proposed amendment (the “Charter Amendment Proposal”) to its Amended and Restated Certificate of Incorporation (the “Charter”) and a proposed amendment to its investment management trust agreement (the “IMTA Proposal” and together with the Charter Amendment Proposal, the “Early Termination Proposals”), dated March 15, 2021, with Continental Stock Transfer & Trust Company (the “Trust Agreement”), at the special meeting to be held on December 12, 2022 (the “Special Meeting”), and subject to the consent of the Company’s board of directors, the Company will redeem all of its outstanding shares of Class A common stock (the “public shares”), effective as of the close of business on December 16, 2022 (the “Redemption Date”), because the Company will not complete an initial business combination within the time period required by its Charter, as amended pursuant to the Charter Amendment Proposal, if approved by the Company’s stockholders (the “Amended Charter”). The Company’s management evaluated over 150 potential targets and completed extensive due diligence on approximately 16 of such targets, but ultimately was unable to complete a business combination due to various reasons, including but not limited to changing market conditions.

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