Exhibit 99.1
Blue Whale Acquisition Corp I Announces Redemption of Class A Ordinary Shares
NEW YORK and ABU DHABI, UAE—July 28, 2023—Blue Whale Acquisition Corp I (the “Company”) announced today that due to the Company not consummating an initial business combination within the time period disclosed in its registration statement on Form S-1 which was declared effective on August 3, 2021 (File No. 333-257816) (the “Registration Statement”), the Board of Directors of the Company has elected to dissolve and liquidate the Company in accordance with the Registration Statement.
As disclosed in the Registration Statement, if the Company does not consummate an initial business combination within 24 months of the closing of the Company’s initial public offering, or August 6, 2023, the Company will: (a) cease all operations except for the purpose of winding up, (b) as promptly as reasonably possible but not more than ten business days thereafter, redeem its Class A ordinary shares (the “Public Shares”), at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Company’s trust account (the “Trust Account”) held with Continental Stock Transfer & Trust Company (“Continental”), including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares in issue, which redemption will completely extinguish the rights of the holders of Public Shares as Shareholders (including the right to receive further liquidation distributions, if any); and (c) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Shareholders and the Board, liquidate, wind-up and dissolve, subject in each case, to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of applicable law.
Net of taxes and dissolution expenses, the per-share redemption price for the Public Shares is expected to be approximately $10.15 (the “Redemption Amount”) based upon the amount held in the trust account as of July 26, 2023, which was $232,965,073.07.
The Company anticipates that the Public Shares, as well as the Company’s publicly traded units, and warrants will cease trading as of the close of business on August 4, 2023. After August 6, 2023, the Company shall cease all operations except for those required to redeem the Public Shares and wind up the Company’s business. The redemption of the Public Shares is expected to be completed within ten business days after August 6, 2023, by August 18, 2023 (the “Expected Redemption Date”). As of the Expected Redemption Date, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
In order to provide for the disbursement of funds from the Trust Account, the Company will instruct Continental to take all necessary actions to liquidate the Trust Account. Registered holders may redeem their shares for their pro rata portion of the proceeds of the Trust Account upon presentation of their respective share or unit certificates or other delivery of their shares or units to Continental, 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.
