BURGUNDY TECH.ACQ.A-,0001

GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Burgundy Technology Acquisition Corporation (the “Company”) (NASDAQ: BTAQ, BTAQU, BTAQW), a technology focused special purpose acquisition company, today announced that it will redeem all of its outstanding shares of Class A common stock (the “public shares”), effective as of the close of business on March 1, 2022, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Articles”). As stated in the Company’s S-1 and in the Company’s Articles, if the Company is unable to complete an initial business combination within 18 months, 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, 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 trust account (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (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 shareholders and the Company’s Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The per-share redemption price for the public shares will be approximately $10.05 (the “Redemption Amount”). The balance of the Trust Account as of December 31, 2021 was approximately $346,759,664, which includes approximately $34,664 in interest and dividend income (excess of cash over $346,725,000, the funds deposited into the Trust Account). In accordance with the terms of the related trust agreement, the Company expects to retain the interest and dividend income from the Trust Account to pay dissolution expenses. Accordingly, there is expected to be a total of $346,725,000 available for redemption of the 34,500,000 Class A Shares outstanding, which results in a redemption price of $10.05 per share. As of the close of business on March 1, 2022, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount. The Redemption Amount will be payable to the holders of the public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of public shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless. The Company’s sponsor has waived its redemption rights with respect to the outstanding founder shares and private placement shares. After March 1, 2022, the Company shall cease all operations except for those required to wind up the Company’s business. The Company expects that NASDAQ will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist its 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. About Burgundy Technology Acquisition Corporation Burgundy Technology Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are based on current information and expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements.» Mehr auf businesswire.com

GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Burgundy Technology Acquisition Corporation (NASDAQ: BTAQ) (the “Company”), announces that it had filed today its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Quarterly Report”), and as a result has regained compliance with the applicable Nasdaq continued listing requirements. The Company had previously announced on June 3, 2021 that it had received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that as a result of the Company’s failure to timely file the Quarterly Report, the Company no longer complies with the continued listing requirements set forth in Nasdaq Listing Rule 5250(c)(1). As a result of the filing of the Quarterly Report, the Company is not required to submit a compliance plan to Nasdaq to cure the deficiency. The Company had been unable to complete and file the Quarterly Report by the required due date of May 17, 2021 as a result of the need to evaluate the impact of the statement issued on April 12, 2021 by the staff of the U.S. Securities and Exchange Commission pertaining to Special Purpose Acquisition Companies (“SPACs”) and the accounting and reporting of warrants issued by SPACs, and the time required to prepare and file an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Amended 10-K”) to include restated audited financial statements of the Company as of December 31, 2020 and for the period from June 4, 2020 (inception) through December 31, 2020. The Company filed the Amended 10-K on June 4, 2021. About The Company The Company is an early stage blank check company incorporated on June 4, 2020 as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has generated no operating revenues to date and will not generate operating revenues until it consummates its initial business combination. For more information, please visit www.BurgundyTechnology.com. Forward-Looking Statements These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements other than statements of historical fact. Important factors, among others, that may affect actual results or outcomes include the inability to timely prepare and file the Amended 10-K and the Quarterly Report; costs related to the Company and its potential business combination; the inability to maintain the listing of the Company’s shares on Nasdaq; potential litigation involving the Company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and the impact of the continuing COVID-19 pandemic on the Company’s business. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.» Mehr auf businesswire.com

GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Burgundy Technology Acquisition Corporation (NASDAQ: BTAQ) (the “Company”), announces that it had filed today its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Quarterly Report”), and as a result has regained compliance with the applicable Nasdaq continued listing requirements. The Company had previously announced on June 3, 2021 that it had received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that as a result of the Company’s failure to timely file the Quarterly Report, the Company no longer complies with the continued listing requirements set forth in Nasdaq Listing Rule 5250(c)(1). As a result of the filing of the Quarterly Report, the Company is not required to submit a compliance plan to Nasdaq to cure the deficiency. The Company had been unable to complete and file the Quarterly Report by the required due date of May 17, 2021 as a result of the need to evaluate the impact of the statement issued on April 12, 2021 by the staff of the U.S. Securities and Exchange Commission pertaining to Special Purpose Acquisition Companies (“SPACs”) and the accounting and reporting of warrants issued by SPACs, and the time required to prepare and file an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Amended 10-K”) to include restated audited financial statements of the Company as of December 31, 2020 and for the period from June 4, 2020 (inception) through December 31, 2020. The Company filed the Amended 10-K on June 4, 2021. About The Company The Company is an early stage blank check company incorporated on June 4, 2020 as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has generated no operating revenues to date and will not generate operating revenues until it consummates its initial business combination. For more information, please visit www.BurgundyTechnology.com. Forward-Looking Statements These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements other than statements of historical fact. Important factors, among others, that may affect actual results or outcomes include the inability to timely prepare and file the Amended 10-K and the Quarterly Report; costs related to the Company and its potential business combination; the inability to maintain the listing of the Company’s shares on Nasdaq; potential litigation involving the Company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and the impact of the continuing COVID-19 pandemic on the Company’s business. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.» Mehr auf businesswire.com