The Music Acquisition Corporation Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination

NEW YORK, NY, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The Music Acquisition Corporation (the "Company") (NYSE: TMAC, TMAC.U), a special purpose acquisition company, today announced that if stockholders approve the proposed amendments to its Amended and Restated Certificate of Incorporation (the “Charter Amendment Proposal”) and the investment management trust agreement (the “IMTA Proposal” and together with the Charter Amendment Proposal, the “Early Termination Proposals”), dated February 2, 2021, with Continental Stock Transfer & Trust Company (the “Trust Agreement”), at the special meeting in lieu of the 2022 annual meeting to be held on November 30, 2022 (the “Special Meeting”), it will redeem all of its outstanding shares of Class A common stock (the "public shares"), effective as of the close of business on December 2, 2022 (the “Redemption Date”), because the Company will not complete an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, as amended pursuant to the Charter Amendment Proposal, if approved by the Company’s stockholders (the "Proposed Certificate of Incorporation").

There can be no assurance that the Company’s stockholders will approve the Early Termination Proposals at the Special Meeting, and if such approval is not obtained the Company will redeem the public shares pursuant to the terms of its current Amended and Restated Certificate of Incorporation and the existing Trust Agreement.

As stated in the Company's registration statement on Form S-1, effective as of February 2, 2021, and in the current Amended and Restated Certificate of Incorporation, if the Company has not completed an initial business combination within 24 months of the closing of the Company's initial public offering, or February 5, 2023, the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter (subject to lawfully available funds therefor), redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding public shares, which redemption will completely extinguish the rights of the public stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and its board of directors, liquidate and dissolve, subject in each case, to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.