Newcourt Acquisition Corp Announces Amendment and Supplement to its Definitive Proxy Statement

New York, NY, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Newcourt Acquisition Corp (the “Company”) (NASDAQ: NCAC) announced today that the Company has determined to modify the terms of the proposed amendment (the “Trust Agreement Amendment”) of the Company’s investment management trust agreement, dated as of October 19, 2021 (the “Trust Agreement”), described in the Company’s definitive proxy statement (the “Definitive Proxy Statement”) filed on December 21, 2022 for the solicitation of proxies in connection with an extraordinary general meeting of the Company’s shareholders to be held on January 6, 2023 to consider and vote on the extension (the “Extension”) of the time period the Company has to complete an initial business combination (the “Business Combination”) and the related Trust Agreement Amendment. Instead of amending and restating Section 1(c) of the Trust Agreement to provide that the funds be held entirely in cash, as described in the Definitive Proxy Statement, the Company has determined that no change be made to Section 1(c) of the Trust Agreement. As described in the Definitive Proxy Statement, in order to reduce the risk that the Company be considered an investment company under the Investment Company Act of 1940, the Company will liquidate the securities held in the trust account prior to the end of the 24-month period after the effective date of the registration statement for the Company’s initial public offering, or October 19, 2023, and instead hold all funds in the trust account in cash. If the proposal to extend the time period the Company has to complete an initial business combination (the “Extension”) and the Trust Agreement Amendment are approved, the Company may have until July 22, 2023 (which is 21 months from the closing of the Company’s initial public offering) to consummate an initial business combination. Accordingly, the Company has determined there is no need to amend Section 1(c) of the Trust Agreement at this time. The Company will file an amendment and supplement to the Definitive Proxy Statement with the Securities and Exchange Commission (the “SEC”).