DHC Acquisition Corp (NASDAQ:DHCA) announced this morning that the leadership of its target company GloriFi have begun the process of winding down its operations.
The filing did not specify whether DHC was terminating its combination agreement, but this will presumably be void once the company no longer exists.
The two sides announced their $1.7 billion combination just six months ago. But, even at the time, public details on GloriFi’s business plan were thin. GloriFi described itself as “a pro-freedom, pro-America, pro-capitalism technology company” that would soon offer financial services and lifestyle apps aimed at conservatives.
But aside from the general idea of credit and debit cards that would generate some benefits for conservative causes, GloriFi had little of its plans publicly fleshed out at the time of its July announcement, and it promised a presentation after Labor Day.
Instead, it began running short on funding in October, leading to the resignation of its CEO late last month. Yesterday, it laid off its staff saying it was closing shop, according to the Wall Street Journal.
DHC, which raised $309.5 million in its 2021 IPO has until March 2023 to complete a deal under its initial deadline. It is led by Co-CEO Christopher Gaertner, who also serves as vice chairman and global head technology investment banking at Rothschild & Co., and Co-CEO Thomas Morgan, who is the CEO of advisory firm Corps Capital.
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