Empowerment & Inclusion Capital I Corp. Announces It Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- Empowerment & Inclusion Capital I Corp. (NYSE: EPWR) (the "Company") announced today that, because the Company is unable to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (the "Amended Charter"), the Company intends to dissolve and liquidate in accordance with the provisions of the Amended Charter prior to Dec. 31, 2022, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the Public Shares"), at a per-share redemption price of approximately $10.09.

As of the close of business Dec. 14, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.

In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the assets held in the trust account.  The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares.  Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company's transfer agent.  Beneficial owners of Public Shares held in "street name," however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after Dec. 14, 2022.

The Company's sponsor has agreed to waive its redemption rights with respect to its outstanding Class B common stock issued prior to the Company's initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.

The Company expects that the New York Stock Exchange will file a Form 25 with the United States Securities and Exchange Commission (the "SEC") to delist the Company's securities. The Company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. The Company anticipates that the Public Shares will cease trading as of the close of business Dec. 13, 2022.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021, filed with the SEC on March 9, 2022, and subsequent reports filed with the SEC, as amended from time to time. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

CONTACTS

MEDIA :
Tim Miller
(412) 762-4550
[email protected]

OTHER INQUIRIES :
(212) 468-8655

SOURCE Empowerment & Inclusion Capital I Corp.

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