Ackrell SPAC Partners I Co. Announces that North Atlantic Imports, LLC Declined to Fund Payment Required to be Deposited in Trust Account For Extension Through September 23, 2022

Provided By Globe Newswire

Last update: Aug 25, 2022

New York, NY, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Ackrell SPAC Partners I Co. (NASDAQ: ACKIU) (the “Company”), a special purpose acquisition company, announced today that, on August 24, 2022, North Atlantic Imports, LLC (“Blackstone”) communicated to the Company that Blackstone declined to fund the final $200,000 pursuant to the promissory note the Company issued to Blackstone on June 21, 2022 (the “Note”) to extend the date by which the Company must complete its initial business combination from August 24, 2022 through and including September 23, 2022 (the “Extension”). The Company’s Amended and Restated Certificate of Incorporation, as amended (the “Company Charter”), requires the Company to deposit into the Company’s trust account (the “Trust Account”) $200,000 no later than August 31, 2022 as a condition to the Extension.