Fat Projects Acquisition Corp.


Fat Projects Acquisition Corporation (NASDAQ: FATPU), registered in Cayman Islands, is a $115M, incl. the full over-allotment, Special Purpose Acquisition Company (SPAC) that successfully closed its IPO on October 15th 2021 to acquire, merge or do a business combination with a Technology-led business that can solve diverse challenges in Southeast Asia in the areas of Supply Chain, Finance, Sustainability/ESG, E-Commerce and Big Data and/or take advantage of the monetization opportunities stemming from a rapidly growing middle class and their evolving consumption needs.
Our entrepreneurial team has deep experience in scaling technology and innovation-led businesses that go beyond satisfying business and consumer needs and desires.

Why Fat Projects Acquisition Corp.

Why Southeast Asia

Notice of Appointment of Joint Voluntary Liquidators

Notice of Appointment of Joint Voluntary Liquidators

Please be advised that, pursuant to resolutions passed by the Company’s class B shareholders at a special meeting held on 9 February 2024, the Company was placed into voluntary liquidation and Messrs. Alexander Lawson and Christopher Kennedy of Alvarez & Marsal Cayman Islands Limited, 2nd Floor Flagship Building, P.O. Box 2507, 142 Seafarers Way, George Town, Grand Cayman KY1-1104, Cayman Islands have been appointed as joint voluntary liquidators (“JVLs”).

Application for Court Supervision & Notice of Hearing of Petition

The JVLs have received written confirmation from the Company’s board of directors that they are not able to provide a declaration of solvency in relation to the Company, which effectively means the directors do not believe that the Company is able to pay its debts in full. In these circumstances, the JVLs are required to apply to the Grand Court of the Cayman Islands (“Court”) pursuant to section 124(1) of the Companies Act (2023 Revision), and Order 13 of the Companies Winding Up Rules (2023 Consolidation), seeking that the liquidation of the Company be brought under the Court’s supervision (i.e. a “Supervision Order”).

As such, the JVLs have presented a petition to the Court for orders, inter alia, that the voluntary liquidation of the Company continue under the supervision of the Court and that the JVLs be appointed as joint official liquidators of the Company.

Please note that copies of the petition and supporting affidavits may be obtained by way of email to the JVLs at ereback@alvarezandmarsal.com.

The petition has been listed for hearing at 2:30pm on 29 April 2024. The JVLs invite any creditor or contributory of the Company who wishes to oppose the relief sought by the petition and/or who wishes to attend or be heard on the petition to give details of such opposition and/or notice of such intention to the JVLs by email to ereback@alvarezandmarsal.com no later than 21 April 2024.

In the absence of any objection and/or notice of intention to appear from any creditor or contributory of the Company being received by 21 April 2024, the JVLs intend to seek the relief sought by the petition on the papers (without an oral hearing).

Upon the making of the Supervision Order, the JVLs will become the official liquidators of the Company, and will commence the collection, realisation and distribution of the assets of the Company to its stakeholders. The official liquidators will be required to investigate the Company’s financial circumstances and the matters which resulted in the Company’s liquidation, and will report to the Court and the Company’s stakeholders with respect to same.

The JVLs’ current understanding is that the Company’s sole remaining asset consists of approximately US$100,000 which, per the Company’s documents, is intended to cover the expenses of the liquidation only.

Should you have any queries, please do not hesitate to contact Eli Reback, at ereback@alvarezandmarsal.com.

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