Onyx Acquisition Co. I (NASDAQ: ONYX) Announces Cancellation of Publicly Held Class A Ordinary Shares

On October 25, 2024, Onyx Acquisition Co. I made a significant announcement through a press release regarding the status of its publicly held Class A ordinary shares. The company reveals that as of the close of business on November 13, 2024, the aforementioned shares, which were initially part of the units issued during the company’s IPO, will be considered canceled. They will now only entitle holders to receive their pro-rata share in the company’s trust account after permissible withdrawal of dissolution expenses.

This decision has been prompted by the fact that Onyx Acquisition Co. I will not be able to complete an initial business combination within the stipulated time frame, as required by its amended and restated memorandum and articles of association. Consequently, the company’s sponsor has agreed to waive its redemption rights linked to the outstanding founder shares issued before the IPO. It has also been clarified that there will be no redemption rights or liquidating distributions concerning the company’s warrants, rendering them effectively worthless.

In line with these developments, Onyx Acquisition Co. I intends to initiate delisting procedures with the Securities and Exchange Commission (SEC) by filing a Form 25 on November 4, 2024. Subsequently, the company plans to submit a Form 15 to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.

As per the announcement, a copy of the press release detailing these actions has been provided as Exhibit 99.1 and is attached for reference. The company emphasizes the forward-looking nature of these statements and highlights the associated risks and uncertainties, as detailed under “Item 1A. Risk Factors” in the company’s Annual Report on Form 10-K filed on March 29, 2024, along with subsequent filings.

Onyx Acquisition Co. I underscores that all forward-looking statements are based on current expectations as of the filing date of this Current Report on Form 8-K. The company explicitly disavows any commitment or obligation to update or modify forward-looking statements, except as mandated by applicable law. Readers are advised to exercise caution and not overly rely on forward-looking statements.

Furthermore, the filing includes the press release dated October 25, 2024 as Exhibit 99.1 along with a Cover Page Interactive Data File (embedded within the Inline XBRL document) as Exhibit 104.

Pending the unfolding of these regulatory procedures, Onyx Acquisition Co. I continues to chart its course despite the challenges encountered along this part of its journey.

This news release is deemed to be in accordance with the standards outlined in the SEC Form 8-K.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Onyx Acquisition Co. I’s 8K filing here.

About Onyx Acquisition Co. I

Onyx Acquisition Co I does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities in general industrials and construction technology sectors. The company was incorporated in 2021 and is based in New York, New York.