99 Acquisition Group, Inc. Announces Deposit of Additional Funds into Trust Account and Anticipated Filing of Preliminary Proxy Statement to Amend Charter to Extend Period to Consummate Business Combination

CORRECTING and REPLACING: 99 Acquisition Group, Inc. Announces Contribution to Trust Account to Extend Period to Consummate Business Combination

GAITHERSBURG, MD, July 15, 2024 (GLOBE NEWSWIRE) -- This press release corrects and replaces the previously issued press release published at 12:15 p.m. ET on May 24, 2024 to (i) correct the amount that was deposited into the trust account by 99 Acquisition Group, Inc. and (ii) reflect that the extension was not valid under the Company’s charter.

The updated release reads:

99 Acquisition Group, Inc. (the “Company” or “99 Acquisition”), a special purpose acquisition company, announced that 99 Acquisition Sponsor LLC, the Company’s sponsor, deposited an aggregate of $558,000 into the Company’s trust account for the Company’s public stockholders in order to extend the period of time the Company has under the Company’s charter to consummate an initial business combination from May 22, 2024 (the “Deadline Date”) to August 22, 2024. However, the Company’s charter requires an aggregate payment of $750,000 to be deposited into the Company’s trust account in order to effectuate such three-month extension if the Company has not consummated a business combination by the Deadline Date. Since the Sponsor did not deposit the full $750,000 required for such three-month extension into the trust account by the Deadline Date, the attempted extension was defective under the charter and the Company is required under the charter to cease operations except for the purpose of winding-up.

Even though the Deadline Date has passed, the Company’s sponsor intends to promptly fund the remaining $192,000 required to be deposited into the trust account and the Company intends to seek approval for an amendment to the charter in accordance with Section 242 of the General Corporation Law of the State of Delaware and the applicable provisions of the charter to set a new Deadline Date and