Item 8.01. Other Events.
The following is provided to update the disclosure included in Item 8.01 of the
8-K filed by Ault Disruptive Technologies Corporation (the "Company"), with the
Securities and Exchange Commission on June 16, 2023.
On June 16, 2023, the Company issued a press release, attached hereto as Exhibit
99.1 (the "Press Release"), wherein the Company announced that holders of shares
of common stock of the Company, par value $0.001 per share ("Common Stock"),
sold as part of the units issued in its initial public offering who elected to
redeem their Common Stock in connection with the special meeting of stockholders
held on June 15, 2023 (the "Special Meeting") could reverse their redemption
requests by sending a DTC DWAC (Deposit/Withdrawal At Custodian) request to the
Company's transfer agent, Continental Stock Transfer & Trust Company
("Continental"), on or before 5:00 PM ET on June 16, 2023 (the "Redemption
Reversal").
Following expiration of the Redemption Reversal, the Company's public
stockholders elected to redeem 11,311,125 shares of Common Stock at a redemption
price of approximately $10.61 per share (without giving effect to any interest
that may be withdrawn to pay taxes), for an aggregate redemption amount of
approximately $120,063,827.97 (the "Redemption"). After the satisfaction of the
Redemption (without giving effect to any interest that may be withdrawn to pay
taxes), the balance in the trust account will be approximately $2,004,845.34.
Upon completion of the Redemption, 3,063,875 shares of Common Stock will remain
issued and outstanding, of which 2,875,000 shares are held by Ault Disruptive
Technologies Company, LLC, the sponsor of the Company.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release issued June 16, 2023
101 Pursuant to Rule 406 of Regulation S-T, the cover page is
formatted in Inline XBRL (Inline eXtensible Business Reporting
Language).
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document and included in Exhibit 101).
© Edgar Online, source Glimpses