Core Viewpoint - Onyx Acquisition Co. I will redeem all outstanding Class A ordinary shares due to the inability to complete an initial business combination by the required deadline, leading to the cessation of operations and liquidation of the company [1][2][5]. Group 1: Redemption Process - The redemption of Public Shares will be effective as of the close of business on November 13, 2024, with a per-share redemption price expected to be approximately $11.42 [1][3]. - The total balance in the Trust Account as of October 25, 2024, was approximately $15,315,732.02, which includes accrued interest [3]. - The Company will retain $100,000 of the interest from the Trust Account to cover dissolution expenses [3][4]. Group 2: Operational Cessation - Following the redemption, the Company will cease all operations except those necessary for winding up its business [2][4]. - The Company will file a Form 25 with the Commission on November 4, 2024, to delist its securities from the Nasdaq Capital Market [5]. Group 3: Shareholder Rights - Public shareholders will have their rights extinguished upon redemption, with no further liquidating distributions available [2][4]. - The Company's sponsor has waived its redemption rights concerning outstanding founder shares and private placement warrants [4].
Onyx Acquisition Co. I Announces Redemption of its Public Shares and Intent to Delist