Announcement • May 29
Senior Connect Acquisition to Redeem its Public Shares and Expects The Nasdaq Stock Company LLC to File Form 25 with the United States Securities and Exchange Commission to Delist its Securities On May 26, 2023, Senior Connect Acquisition Corp. I announced that, the board of directors of the Company has unanimously voted to accelerate the deadline by which the Company must complete an initial business combination to June 8, 2023. Therefore, the Company will not consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (as amended on December 12, 2023, the ‘Amended Charter’). As a result, the Company intends to dissolve and liquidate in accordance with the provisions of the Amended Charter, effective as of the close of business on June 9, 2023, 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 an estimated per-share redemption price of approximately $10.03 (after deducting anticipated liquidation expenses and tax obligations of the Company). Richard Burke, Chief Executive Officer and Chairman of the Company, made the following statement on behalf of the Company: ‘We appreciate the support and patience of our investors over the past couple of years, during which we evaluated literally hundreds of prospect opportunities. Despite reaching the letter of intent stage with a number of these potential prospects, we found none that merited closing. The issues varied, but at the end of the day, we did not feel they would perform successfully in the aftermarket. This conclusion was no doubt influenced by the adverse changes in the market over the past year plus and the post-public performance of many SPAC-related companies in a declining market. Nonetheless, we are comfortable that winding down Senior Connect at this time is the right decision. Again, thank you to our investors for your support and trust in us.’ As of the close of business on June 9, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after June 9, 2023. The Company expects that The Nasdaq Stock Company LLC will file a Form 25 with the United States Securities and Exchange Commission (the ‘Commission’) to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission 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 on June 9, 2023. Board Change • Dec 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President & Director Yitz Applbaum was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 06
Senior Connect Acquisition Corp. I (NasdaqCM:SNRH) entered into a non-binding letter of intent to acquire Avellino Lab USA, Inc. Senior Connect Acquisition Corp. I (NasdaqCM:SNRH) entered into a non-binding letter of intent to acquire Avellino Lab USA, Inc. on December 5, 2022. Under the terms of the LOI, SNRH and Avellino would become a combined entity, with Avellino’s existing equity holders exchanging their shares in Avellino for equity in the combined public company. Transaction would be subject to board and equity holders approval of SNRH and Avellino, regulatory approvals and other customary conditions. Definitive agreement is expected to be executed early in the first quarter of 2023.