Clover Leaf Capital Corp. Announces Termination of Merger Agreement,
Cancellation of Special Meeting and its Intention to Liquidate
MIAMI, FL, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Clover Leaf Capital Corp.
(OTC: CLOE) (the "Company" or "Clover Leaf"), announced today that
Clover Leaf and Kustom Entertainment, Inc. ("Kustom Entertainment") have
mutually agreed to terminate their previously announced Agreement and
Plan of Merger (the "Merger Agreement"), effective as of November 7,
2024 by entering into a mutual termination and release agreement (the
"Termination and Release Agreement") among Clover Leaf, CL Merger Sub,
Inc., Yntegra Capital Investments LLC, Kustom Entertainment and Digital
Ally, Inc.
The Merger Agreement was dated as of June 1, 2023, as amended on June
24, 2024 and on September 3, 2024. The Termination and Release Agreement
terminates the Merger Agreement, which will be described in a Current
Report on Form 8-K to be filed by Clover Leaf.
In view of the termination of the Merger Agreement, Clover Leaf also
announced its decision to cancel its special meeting originally
scheduled for November 8, 2024 and the withdrawal from consideration by
the stockholders of the Company the proposals set forth in the Company's
definitive proxy statement, as amended, filed with the Securities and
Exchange Commission (the "SEC") on July 31, 2024 (the "Definitive Proxy
Statement").
As a result of the termination of the Merger Agreement, the Company's
Board of Directors has determined to liquidate the Company and expects
that it will redeem all of its outstanding shares of Class A common
stock sold as part of the units in the Company's initial public
offering. The Company expects to announce additional information on such
redemption in the coming days.
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 filed with the Commission and subsequent
reports filed with the Commission, as amended from time to time. Copies
of these documents are available on the Commission's website, at
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.
For more information, contact:
Clover Leaf Capital Corp.
Info@cloverlcc.com
(END) Dow Jones Newswires
November 08, 2024 09:38 ET (14:38 GMT)
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