TORONTO, March 16, 2023 /CNW/ - VM Hotel Acquisition Corp. (TSX: VMH.U) (TSX: VMH.WT.U) (the "Corporation" or "VMH"), announced today that the resolution put to the holders ("Shareholders") of the Corporation's class A restricted voting shares (the "Class A Restricted Voting Shares") at the special meeting of Shareholders held virtually on March 16, 2023 (the "Meeting"), was approved.
The Corporation announced that the resolution to extend the date by which the Corporation has to consummate a qualifying acquisition from March 31, 2023 to September 30, 2023 (the "Extension"), was approved by the affirmative vote of 100% of the votes represented at the Meeting. Following the receipt of approval of the Shareholders, the board of directors approved the Extension, effective as of March 20, 2023.
In connection with the Meeting, VMH provided Shareholders with the opportunity to deposit their Class A Restricted Voting Shares for redemption (the "Redemption"). After calculating the Part Vl.1 taxes under the Income Tax Act (Canada) payable in connection with the Redemption, VMH expects that the amount that each Class A Restricted Voting Share that was deposited for redemption in connection with the Extension will be redeemed for is approximately US$10.11. 1,608,700 Class A Restricted Voting Shares were deposited for redemption in connection with the Extension. A copy of the complete report on voting at the Meeting will be made available under the Corporation's profile on SEDAR at www.sedar.com.
About VM Hotel Acquisition Corp.
VMH is a special purpose acquisition company incorporated under the laws of the Province of British Columbia for the purpose of effecting a qualifying acquisition within a specified period of time. VMH's head office is located at Brookfield Place, 161 Bay Street, Suite 2420, Toronto, ON, M5J 2S1 and the registered office is located at 700 West Georgia Street, Floor 25, Vancouver, BC V7Y 1B3.
Forward Looking Statements
This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. The Corporation does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE VM Hotel Acquisition Corp
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