MAQUIA CAPITAL ACQUISITION CORPORATION ANNOUNCES MONTHLY SPONSOR CONTRIBUTION OF $0.025 PER SHARE TO TRUST ACCOUNT FOR PROPOSED EXTENSION AND POSTPONEMENT OF STOCKHOLDER MEETING TO 5:00 PM EASTERN TIME MAY 5, 2023

May 04, 2023

Miami, FL, May 04, 2023 (GLOBE NEWSWIRE) -- Maquia Capital Acquisition Corporation (“Maquia” or the “Company”) (Nasdaq: “MAQC”, “MAQCU”, “MAQCW”) announced today that, in connection with the Company’s upcoming special meeting of the stockholders (the “Special Meeting”) to consider and approve an extension of time for the Company to consummate an initial business combination from May 7, 2023 to February 7, 2024 (the “Extension”), Maquia Investments North America, LLC (the “Sponsor”) or its designees have agreed to contribute to the Company as a loan an aggregate of $ 0.025 for each share of Class A commons stock that is not redeemed, for each calendar month (commencing on May 7, 2023 and on the 7th day of each subsequent month) until February 7, 2024 (each, an “Extension Period”), or portion thereof, that is needed to complete an initial business combination (the “Contribution”). For example, if the Company takes until February 7, 2024, to complete its initial business combination, which would represent nine calendar months, the Sponsor or its designees would make aggregate Contributions resulting in a redemption amount of approximately $11.135 per unredeemed share, in comparison to the current redemption amount of $10.91 per share.

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