Jaws Mustang Acquisition Suspends Pursuit of Business Combination

On October 31, 2024, Jaws Mustang Acquisition Corporation, a Cayman Islands exempted company, issued a promissory note of up to $400,000 to Starwood Capital Group Management, L.L.C. The note, which does not bear interest, matures upon the company’s initial business combination or will be repaid from funds outside the trust account established during its IPO if no business combination is consummated.

The company disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC) that it entered into this material definitive agreement. In addition to the promissory note, the Company faced delisting proceedings from the New York Stock Exchange American (NYSE American) due to its failure to consummate a business combination within the specified timeframe.

Regarding the delisting, the Company requested a review by the Listings Qualifications Panel but was eventually notified that the delisting proceedings would proceed. Consequently, NYSE American suspended trading of the Company’s units, ordinary shares, and warrants. After the suspension, the Company plans to have its securities quoted on the OTC Markets Group Inc.

In a subsequent event, on November 1, 2024, the Company announced that it has suspended the pursuit of a previously announced business combination transaction with Starwood Capital Group. This decision followed Starwood Capital Group’s acceptance of an offer from Host Hotels & Resorts, Inc. to purchase 1 Hotel Central Park in Manhattan.

Jaws Mustang Acquisition Corporation is a special purpose acquisition company intending to effect a business combination with one or more entities. The Company, led by Chairman Barry S. Sternlicht and Chief Executive Officer Andrew Klaber, is now focusing on its transition to the OTC Markets Group Inc.

Please note that the forward-looking statements mentioned in this report and the Company’s annual report highlight the uncertainties and risks associated with the delisting process. The Company aims to abide by the periodic reporting requirements of the SEC as it navigates the next steps post-delisting.

The Company’s Form 8-K filing included important exhibits, such as the promissory note and a press release dated November 1, 2024, stating the suspension of the hospitality business combination. These materials are available for reference in the SEC filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Jaws Mustang Acquisition’s 8K filing here.

About Jaws Mustang Acquisition

Jaws Mustang Acquisition Corporation does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in Miami Beach, Florida.