G&P Acquisition Corp. (NYSE:GAPA) announced this morning that it will liquidate its trust and be redeeming all shares effective as of November 30.
As such, today is to be the SPAC’s final trading day. It last closed at $10.06 but will return a redemption rate of $10.17. G&P initially IPO’d in March 2021 and did not announce a business combination, but CEO Brendan O’Donnell noted it signed an LOI for “a very promising transaction” at one point.
But, O’Donnell said that “current market dynamics, enacted and pending changes in the regulatory environment, and unrealistic pricing expectations” kept G&P from getting a deal done and persuaded it to liquidate rather than extend.
Today would have been the 20-month SPAC’s transaction deadline. It had been searching for a target in the “food and beverage, consumer goods, automotive and hospitality sectors.”
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