GlobeNewswire Inc. · Nov 1, 2023
Industrial Tech Acquisitions II, Inc. Announces Termination of Merger Agreement with NEXT Renewable Fuels, Inc. and its Intention to Liquidate
NEW YORK, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Industrial Tech Acquisitions II, Inc. (the “Company” or “ITAQ”) (Nasdaq: ITAQ) announced today that ITAQ and NEXT Renewable Fuels, Inc. have mutually agreed to terminate their previously announced Agreement and Plan of Merger(the “Merger Agreement”), effective as of October 31, 2023 by entering into a mutual termination and release agreement (the “Termination and Release Agreement”) among ITAQ, ITAQ Merger Sub Inc., NEXT and Industrial Tech Partners II, LLC (the “Sponsor”), which is ITAQ’s sponsor. In April 2023, in connection with an amendment to the Company’s certificate of incorporation to extend the date by which the Company must complete its initial business combination, public stockholders holding 15,901,113 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, $165,137,380.09 (approximately $10.38 per share) was removed from the Trust Account to pay such holders, and the Company currently has 1,348,887 Public Shares outstanding.
