New York, NY, May 18, 2022 (GLOBE NEWSWIRE) — Cascade Acquisition Corp. (NYSE: CAS) (the “Company”) today announced that due to its anticipated inability to complete a first business combination within the timeframe required by its Amended and Restated Certificate of Incorporation, the Company has intends to dissolve and liquidate in accordance with the provisions of its amended and restated certificate of incorporation and will redeem all of the outstanding Class A common shares that were included in the units issued in its initial public offering ( the “Public Shares”), at a redemption price per share of approximately $10.10.

At the close of business on May 24, 2022, the public shares will be deemed canceled 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 has instructed the trustee of the trust account to take all necessary steps to liquidate the trust account. Proceeds from the trust account will be held in a non-interest bearing account pending payment to public equity holders. Registrar holders may redeem their shares for their pro rata part of the proceeds of the trust account by delivering their public shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. However, beneficial owners of public shares held in “street name” will not need to take any action to receive the redemption amount. The buyback of the public shares is expected to be finalized within ten business days of May 24, 2022.

The Company’s original shareholders waived their redemption rights with respect to its outstanding common shares issued prior to the Company’s initial public offering.

There will be no redemption rights or liquidation distributions with respect to the Company’s Warrants, which will expire worthless.

About Cascade Acquisition Corp.

The Company is a blank check corporation organized for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more companies or entities. It intends to focus on companies operating primarily in the financial services sector.

Forward-looking statements

This press release may contain “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. These forward-looking statements are based on management’s reasonable beliefs and assumptions, and actual results could differ materially from those contemplated by the forward-looking statements due to certain factors detailed in the company’s filings with the SEC. The Company undertakes no obligation to update forward-looking statements after the date of this release, except as required by law.

Contact:

Jay Levine, General Manager
Cascade Acquisition Corp.
1900 Sunset Harbor Dr.
Office 2102
Miami Beach, Florida 33139
(203) 856-3033