FinServ Acquisition Corp. II announces intention to liquidate

FinServ Acquisition Corp. II announced that the board of directors of FinServ II determined FinServ II cannot complete a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses by February 22, 2024, the deadline by which FinServ II has to consummate such business combination under its amended and restated certificate of incorporation. Consequently, the board determined the company will, as of November 22, cease all operations except for the purpose of winding up as soon as practicable, as promptly as reasonably possible redeem the shares of its Class A common stock that were included in the units issued in FinServ II’s initial public offering at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account established in connection with the IPO including interest earned on the funds held in the trust account and not previously released to FinServ II to pay its taxes, divided by the number of outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders, subject to applicable law and as promptly as reasonably possible following the redemption, subject to the approval of FinServ II’s remaining stockholders, liquidate the funds held in the trust account and dissolve FinServ II, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to FinServ II’s warrants, which will expire worthless. FinServ Holdings II, LLC, FinServ II’s sponsor, has agreed to waive its redemption rights with respect to the shares of FinServ II’s Class B common stock issued prior to the IPO, including shares of FinServ II’s Class A common stock issued upon conversion of such Class B common stock.