5:01 Acquisition Corp. (NASDAQ:FVAM) announced in a press release this afternoon that it intends to liquidate its trust after being unable to complete a business combination.
The SPAC will instead redeem its shares and the public shareholders are expected to receive their pro rata share of the trust at $10.00 per share. Shares of FVAM will be deemed cancelled and stop trading as of the close of business October 17.
The company initially set out to combine with a biotechnology target with scientifically differentiated potential treatments at the early stages of development. 5:01 represents the 27th SPAC to liquidate this year and the 4th SPAC to do so today following Chamath Palihapitiya’s Social Capital IV (NYSE:IPOD) and Social Capital VI (NYSE:IPOF) this morning, and North Mountain Merger Corp. (NASDAQ:NMMC) this afternoon.
The biotech-focused SPAC, which originally announced the pricing of its $80 million IPO in October 2020, had 24 months to complete a business combination. 5:01 was led by Co-CEO and Director Andrew J. Schwab, Co-CEO and Director Kush M. Parmar, General Counsel and Secretary Galya D. Blachman, CFO Rebecca L. Lucia, and Chief Business Officer Jason R. Ruth.
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