UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| Item 8.01 | Other Events |
On August 17, 2023, the board of directors (the “Board”) of ALSP Orchid Acquisition Corporation I (the “Company”) approved a three-month extension of the time period during which the Company may consummate an initial business combination (such time period, the “Business Combination Period” and such extension, the “Extension”). In connection with the Extension, on August 18, the Company caused to be deposited into the trust account that the Company established in connection with its initial public offering (such offering, the “IPO” and such account, the “Trust Account”) an aggregate amount of $199,632.70 (the “Extension Payment”), or $0.10 per outstanding Class A Ordinary Share included in the units sold as part of the IPO (the “Public Shares”). The Extension Payment was funded by an unrelated third party pursuant to an agreement with ALSP Orchid Sponsor LLC, the Company’s sponsor, and no financial obligation accrued to the Company as a result of the Extension or the Extension Payment.
The Extension is the first of two three-month extensions permitted under the Company’s second amended and restated memorandum and articles of association (the “A&R Memorandum and Articles”) adopted by the Company’s shareholders at the Company’s extraordinary general meeting held on February 17, 2023. Pursuant to the A&R Memorandum and Articles, the Company may extend the Business Combination Period in up to two separate instances, by an additional three months each, by depositing into the Trust Account for any three-month extension an amount equal to $0.10 per Public Share.
The Extension extends the date by which the Company must complete an initial business combination from August 23, 2023 to November 23, 2023. The Company may further extend the expiration date of the Business Combination Period by an additional three months by making another Extension Payment, and such date will also automatically be extended by three months if the Company files a Form 8-K including a definitive merger or acquisition agreement for an initial business combination.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 22, 2023
| ALSP ORCHID ACQUISITION CORPORATION I | ||
| By: | /s/ Thong Q. Le | |
| Name: | Thong Q. Le | |
| Title: | Chief Executive Officer | |