Grid Dynamics Holdings, Inc. (GDYN) Redeems 2.77M Public Warrants
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Grid Dynamics Holdings, Inc. (Nasdaq: GDYN; GDYNW) (“Grid Dynamics”), a leader in enterprise-level digital transformation, today announced that holders of its 2,773,141 outstanding public warrants (the “Public Warrants”) to purchase shares of its common stock, $0.0001 par value per share (the “Common Stock”) will have until 5:00 p.m., New York City time, on August 30, 2021 (the “Redemption Date”) to exercise their Public Warrants. The Public Warrants are exercisable for an aggregate of 2,773,141 shares of Common Stock at a price of $11.50 per share, representing a total of approximately $31.9 million in potential proceeds to Grid Dynamics.
Pursuant to the terms of the agreements governing the rights of the holders of the Public Warrants, Grid Dynamics is entitled to redeem all of the outstanding Public Warrants for a redemption price of $0.01 per Public Warrant (the “Redemption Price”) if the last sales price of the Common Stock is at least $18.00 per share on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which a notice of redemption is given. This share price performance target has been met. Any Public Warrants that remain unexercised immediately after 5:00 p.m., New York City time, on August 30, 2021 will be void and no longer exercisable, and the holders of those Public Warrants will be entitled to receive $0.01 per Public Warrant.
Holders of Public Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Public Warrants since the process to exercise is voluntary. Brokers will likely have an earlier deadline for beneficial holders to exercise their Public Warrants than the deadline for registered holders set forth above. If a holder of a Public Warrant does not wish for its Public Warrant to be redeemed, it must exercise such Public Warrant before 5:00 p.m. New York City time on the Redemption Date.
The Public Warrants were issued under the Warrant Agreement, dated as of October 4, 2018 (the “Warrant Agreement”), by and between Grid Dynamics’ predecessor company, ChaSerg Technology Acquisition Corp., and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”).
As a result of the redemption, the Public Warrants will cease to be traded on the Nasdaq effective August 30, 2021.
Grid Dynamics also announced that none of its “Private Placement Warrants” or “Working Capital Warrants” remained outstanding.
None of Grid Dynamics, its board of directors or employees has made or is making any representation or recommendation to any holder of the Public Warrants as to whether to exercise or refrain from exercising any Public Warrants.
The shares of Common Stock underlying the Public Warrants have been registered by Grid Dynamics under the Securities Act of 1933, as amended, and are covered by a registration statement filed with, and declared effective by, the Securities and Exchange Commission (Registration No. 333‑238202).
Questions concerning redemption and exercise of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.
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