AACRF
AIB ACQUISITION CORP RTS
stock OTC

>If I understand the proxy statement correctly
You don't. Anyone who wanted to redeem their shares had to submit them for redemption at least two days ***before*** the extension meeting was held on October 31.
If the business combination closes next week, then the shares will convert from FIAC to DEVS.
If the business combination does not close, and FIAC and DevvStream cancel the business combination, then FIAC shareholders would again get an opportunity to redeem their shares at some unknown time in the future when FIAC either liquidates or holds another business combination or extension vote.
​
> So on what grounds can they say that DevvStream is "expected to be listed on the Nasdaq"?
On the grounds that the companies have applied to NASDAQ for approval of the shares to be listed on NASDAQ, and apparently NASDAQ has approved that. Other SPACs have been downlisted to OTC, then completed the business combination and been listed on NASDAQ.
For example, [PSI and AIB Acquisition Complete Business Combination - OTC Pink: AIBAF -> NASDAQ:PSIG AACRF/10 -> PSIG on July 19, 2024](https://new.reddittorjg6rue252oqsxryoxengawnmo46qy4kyii5wtqnwfj4ooad.onion/r/Spacstocks/comments/1e6noby/psi_and_aib_acquisition_complete_business/)

>If I understand the proxy statement correctly
You don't. Anyone who wanted to redeem their shares had to submit them for redemption at least two days ***before*** the extension meeting was held on October 31.
If the business combination closes next week, then the shares will convert from FIAC to DEVS.
If the business combination does not close, and FIAC and DevvStream cancel the business combination, then FIAC shareholders would again get an opportunity to redeem their shares at some unknown time in the future when FIAC either liquidates or holds another business combination or extension vote.
​
> So on what grounds can they say that DevvStream is "expected to be listed on the Nasdaq"?
On the grounds that the companies have applied to NASDAQ for approval of the shares to be listed on NASDAQ, and apparently NASDAQ has approved that. Other SPACs have been downlisted to OTC, then completed the business combination and been listed on NASDAQ.
For example, [PSI and AIB Acquisition Complete Business Combination - OTC Pink: AIBAF -> NASDAQ:PSIG AACRF/10 -> PSIG on July 19, 2024](https://new.reddittorjg6rue252oqsxryoxengawnmo46qy4kyii5wtqnwfj4ooad.onion/r/Spacstocks/comments/1e6noby/psi_and_aib_acquisition_complete_business/)