TORONTO, Nov. 13, 2023 /CNW/ - Standard Mercantile Acquisition Corp. (TSX: SMA) (the "Company") announces that it has completed its voluntary delisting of its class A shares ("Shares") from the facilities of the Toronto Stock Exchange effective at the close of business on November 13, 2023.

The Company also announces that in connection with its previously announced sale of its final mortgage interest to a third-party purchaser, the board of directors of the Company has declared a special distribution of $0.265 per Share (the "Special Distribution"). The Special Distribution, which constitutes a return of capital pursuant to the winding-up of the Company's business as approved by shareholders of the Company on June 16, 2016, as amended on May 6, 2021 (the "Orderly Wind-Up"), will be paid on November 20, 2023 to holders ("Shareholders") of Shares of record at the close of business on November 14, 2023. As of November 13, 2023, there were 7,801,330 Class A shares outstanding. The Special Distribution payment is not subject to any condition and will be paid in cash.

Following the payment of the Special Distribution, the Company will continue to take steps to dissolve under the provisions of the Canada Business Corporations Act after satisfying its remaining liabilities and distributing any remaining assets to Shareholders.

About the Company

The Company previously held a portfolio of mortgages in Canada and is currently in the process of winding up its business in accordance with the Orderly Wind-up. At the Company's 2021 annual and special meeting of shareholders, the Company sought and received shareholder approval to change its name to "Standard Mercantile Acquisition Corp.", among other amendments to the articles of the Company.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Details of the risk factors relating to the Company and its business are discussed under the heading "Business Risks and Uncertainties" in the Company's annual Management's Discussion & Analysis for the year ended December 31, 2022 and under the heading "Risk Factors" in the Company's Annual Information Form dated March 24, 2023, copies of which are available on the Company's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE Standard Mercantile Acquisition Corp.

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