Intelligent Medicine Acquisition Corp. (IQMD)

BETHESDA, Md.--(BUSINESS WIRE)--Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced that because the Company does not believe it will be able to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (the “Charter”), the Company intends to dissolve and liquidate in accordance with the provisions of the Charter, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $11.22 based on the amount in trust (before any withdrawals for taxes and dissolution expenses) as of April 24, 2023. Following the redemption, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount. In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account, less $100,000 of interest to pay dissolution expenses and net of taxes payable, by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after April 27, 2023. The Company’s sponsors have agreed to waive their redemption rights with respect to their shares of common stock of the Company. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless. Nasdaq Stock Market LLC (“Nasdaq”) will suspend trading of the Company’s shares at the open of business on April 27, 2023. The Company expects that Nasdaq will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s 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. 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 SEC and subsequent reports filed with the SEC, as amended from time to time. Copies of these documents are available on the SEC’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.

BETHESDA, Md.--(BUSINESS WIRE)--Intelligent Medicine Acquisition Corp. (Nasdaq: IQMD) (the “Company”) announced today that it has postponed the Company’s Special Meeting of Stockholders to be held on February 3, 2023, at 9:30 a.m. Eastern Time until February 8, 2023, at 9:30 a.m. Eastern Time. The postponed Special Meeting will be completely virtual, and stockholders will be able to attend the special meeting online, vote and submit questions by visiting https://www.cstproxy.com/iqmdspac/2023. There will be no change in the record date as a result of this postponement or the date by which stockholders must have elected to redeem their public shares, and proxies tendered prior to the postponed date will not need to be voted again. Stockholders may elect to redeem their public shares for a pro-rata portion of the funds held in the Trust Account, by no later than February 6, 2023, by tendering their shares either by delivering their share certificates to the transfer agent or by delivering their shares electronically using the Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system. If you hold your shares in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account in order to exercise your redemption rights. The Company’s stockholders and other interested persons are advised to read the proxy statement. Stockholders are also able to obtain copies of the proxy statement and other relevant materials filed with the Securities and Exchange Commission (the “SEC”), without charge, at the SEC’s web site at www.sec.gov, or by directing a request to the Company’s proxy solicitor Morrow Sodali LLC, at (800) 662-5200 (toll free), or brokers and banks may call collect (203) 658-9400 You may contact Morrow Sodali by email at OLIT@investor.morrowsodali.com. Forward Looking Statements This press release contains statements that constitute “forward-looking statements.” No assurance can be given that the Company will ultimately complete a business combination transaction. 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 and subsequent reports filed with the SEC. Copies of these documents are available on the SEC’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.