Cactus Acquisition Corp. 1 announces contributions to trust account

Cactus Acquisition Corp. 1 Limited announced several actions being undertaken in anticipation of the previously announced extraordinary general meeting of the Company to be held at 9:00 a.m. Eastern Time/ 3:00 p.m. local time on November 2, 2023 for the purpose of considering and voting on, among other proposals, a proposal to extend the date by which the Company must consummate an initial business combination from November 2, 2023 to November 2, 2024 or such earlier date as may be determined by the Company’s board of directors. If the Extension is approved at the Meeting and implemented, the Company’s sponsor, Cactus Healthcare Management LP, or its designees will deposit into the Company’s trust account the lesser of $20,000 and $0.01 per public share multiplied by the number of public shares outstanding on such applicable date, as a loan, on November 15, 2023 and on the 15th day of each subsequent calendar month until November 2024. The Company has not asked the Sponsor to reserve for, nor has the Company independently verified whether the Sponsor will have sufficient funds to satisfy, any such Contributions. If a Contributor fails to make a Contribution by an applicable Contribution Date, the Company will liquidate and dissolve as soon as practicable after such date and in accordance with the Company’s amended and restated memorandum and articles of association. The Contributions will be evidenced by a non-interest bearing, unsecured promissory note and will be repayable by the Company upon consummation of an initial business combination. If the Company does not consummate an initial business combination by the Extended Termination Date, such promissory note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. Any Contribution is conditioned on the approval of the proposals related to the Extension at the Meeting and the implementation of the Extension. No Contribution will occur if such proposals are not approved or the Extension is not implemented. If the Company has consummated an initial business combination or announced its intention to wind up prior to any Contribution Date, any undertaking to make Contributions will terminate.