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Modern Media Acquisition Corp. Announces Intention to Extend Date by Which It Must Consummate Business Combination

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Modern Media Acquisition Corp. (NASDAQ:MMDM) ("MMDM" or the "Company"),
today announced that it intends to convene and then adjourn, without
conducting any business, the special meeting of its stockholders to
consider the extension of the date by which the Company must consummate
a business combination (the "Extension Special Meeting"). The Extension
Special Meeting is scheduled to be held at 11:00 a.m., local time, on
June 12, 2019 and, after the planned adjournment, will reconvene at
11:00 a.m., local time, on June 14, 2019, to vote on the proposals
described in the proxy statement filed by the Company with the
Securities and Exchange Commission ("SEC") on May 20, 2019 (the "Proxy
Statement"). The Extension Special Meeting, and the planned reconvening
of the meeting following its adjournment, will be held at the Company's
offices, located at 3414 Peachtree Road, Suite 480, Atlanta, Georgia
30326.

In connection with the adjournment of the Extension Special Meeting, the
Company is extending the deadline for holders of the Company's common
stock to exercise their right to redeem their shares for their pro rata
portion of the funds available in the Company's trust account that is
available in connection with the Extension Special Meeting, or to
withdraw any previously delivered demand for redemption, to the 5:00
p.m., Eastern Time, on June 12, 2019 (two business days before the
Extension Special Meeting).

Also in connection with the adjournment of the Extension Special
Meeting, the Company is amending certain dates relating to the proposals
that stockholders of the Company are being asked to consider and vote
upon in the Proxy Statement:

  1. The date by which the Company must consummate a business combination
    (the "Extension") is amended to extend the date from June 17, 2019 to
    September 17, 2019 (the "Extended Date") rather than August 17, 2019
    as previously announced.
  2. The date by which Continental Stock Transfer & Trust Company must
    liquidate the trust account established in connection with the
    Company's initial public offering if the Company has not completed a
    business combination is amended to extend the date from June 17, 2019
    to the Extended Date rather than August 17, 2019 as previously
    announced.

The business combination with Akazoo Limited ("Akazoo") is expected to
close in the third quarter of 2019.

The record date established for the Extension Special Meeting, May 13,
2019, will not change. If you have not submitted a proxy for use at the
Extension Special Meeting, you are urged to do so promptly. No action is
required by any stockholder who has previously delivered a proxy and who
does not wish to revoke or change that proxy.

About MMDM

MMDM is a Delaware corporation formed for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization, recapitalization or other similar business combination
with one or more businesses. MMDM raised $210 million on its initial
public offering and began trading on NASDAQ in May 2017. Its common
stock, rights and warrants trade under the ticker symbols MMDM, MMDMR
and MMDMW, respectively. Its units trade under the ticker symbol MMDMU.

Additional Information and Where to Find It

In connection with the proposed business combination (the "Business
Combination"), the Company has filed the Extension Special Meeting Proxy
Statement relating to the Extension Special Meeting to approve the
Extension. In connection with the proposed Business Combination, Modern
Media Acquisition Corp., S.A. a Luxembourg public limited company
(société anonyme) ("PubCo") has filed a Registration Statement on Form
F-4 (No. 333-229613) that includes a preliminary proxy
statement/prospectus that is both the proxy statement to be distributed
to the Company's stockholders in connection with the solicitation by the
Company of proxies for the vote by the stockholders on the Business
Combination as well as the prospectus covering the registration of the
ordinary shares, nominal value of €0.01 per share, and warrants, of
PubCo, to be issued in connection with the Business Combination. When
finalized, the Company will mail the proxy statement/prospectus to its
stockholders. The Company's stockholders are urged to read the
Extension Special Meeting Proxy Statement regarding the Extension
Special Meeting and the definitive proxy statement/prospectus regarding
the Business Combination, when it becomes available, as they will
contain important information regarding the Extension, the Company,
Akazoo, PubCo, the Business Combination, the agreements relating thereto
and related matters. The Extension Special Meeting Proxy Statement
regarding the Extension Special Meeting was mailed to Company
stockholders as of May 13, 2019, which is the record date established
for voting at that special meeting. The definitive proxy
statement/prospectus regarding the Business Combination will be mailed
to Company stockholders as of a record date to be established for voting
at that special meeting. When available, you will be able to obtain
copies of all documents regarding the Business Combination and other
documents filed by the Company or PubCo with the SEC, free of charge, at
the SEC's website (
www.sec.gov)
or by contacting the Company at 3414 Peachtree Road, Suite 480, Atlanta,
Georgia 30326, Attention: Corporate Secretary.

Participants in the Solicitation

The Company, Akazoo, PubCo and certain of their respective directors,
executive officers and other members of management and employees may,
under SEC rules, be deemed to be participants in the solicitations of
proxies from the Company's stockholders in connection with the Extension
or the Business Combination. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of the
Company's stockholders in connection with the Extension Special Meeting
is set forth in the Extension Special Meeting Proxy Statement.
Information regarding the persons who may, under SEC rules, be deemed
participants in the solicitation of the Company's stockholders in
connection with the Business Combination will be set forth in the joint
proxy statement/prospectus included in the Business Combination
Registration Statement when it is filed with the SEC.

You can find more information about the Company's directors and
executive officers in the Company's Annual Report on Form 10-K for the
year ended March 31, 2018, filed with the SEC on June 29, 2018.
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests
will be included in the Company's definitive proxy statement/prospectus
when it becomes available, which can be obtained free of charge from the
sources indicated above, when available.

Forward Looking Statements

This release contains certain forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, as amended, based on the current
expectations, estimates and projections of MMDM or Akazoo Limited (the
"Company") about the Company's operations, industry, financial
condition, performance, results of operations, and liquidity.
Forward-looking statements can be identified by the fact that they do
not relate strictly to historical or current facts. Statements
containing words such as "may," "could," "believe," "anticipate,"
"expect," "intend," "plan," "project," "projections," "business
outlook," "estimate," or similar expressions constitute forward-looking
statements. Forward-looking statements represent management's current
expectations or predictions of future conditions, events or results.
These forward-looking statements include, but are not limited to,
statements about, or are based upon assumptions regarding the Company's
strategies and future financial performance; expectations or estimates
about future business plans or objectives, prospective performance and
opportunities and competitors, including revenues; customer acquisition
and retention; operating expenses; market trends, including those in the
markets in which the Company competes; liquidity; cash flows and uses of
cash; capital expenditures; the Company's ability to invest in growth
initiatives and pursue acquisition opportunities; the Company's products
and services; pricing; marketing plans; the anticipated benefits of the
proposed business combination; the amount of any redemptions by existing
holders of MMDM shares; the sources and uses of cash; the management and
board composition of the combined company following the proposed
business combination; the anticipated capitalization and enterprise
value of the combined company; the continued listing of the combined
company's securities on Nasdaq; whether MMDM is able to successfully
secure stockholder approval of the Extension; and the structure, terms
and timing of the proposed business combination. You are cautioned not
to place undue reliance on these forward-looking statements, which
reflect management's good faith beliefs, assumptions and expectations
only as of the date hereof. Any such forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that may cause actual performance and results to differ
materially from those predicted, many of which are beyond the Company's
control. Reported results should not be considered an indication of
future performance. Except as required by law, we undertake no
obligation to publicly release the results of any revision or update to
these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

No Offer or Solicitation

This announcement is for informational purposes only and is neither an
offer to purchase, nor a solicitation of an offer to sell, subscribe for
or buy any securities or the solicitation of any vote in any
jurisdiction pursuant to the proposed transactions or otherwise, nor
shall there be any sale, issuance or transfer or securities in any
jurisdiction in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended.

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