Natural Order Acquisition Corp. (NASDAQ: NOAC) announced in a press release this afternoon that due to its inability to complete a business combination, it will dissolve and liquidate its trust.
The SPAC, which originally had a completion deadline of November 13, anticipates that it shares will stop trading on the Nasdaq on November 10. As of the close of business on November 14, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount of $10.07 within ten business days.
Natural Order’s management team disclosed that it evaluated more than 75 companies, and issued several LOIs, but was unable to complete a business combination due to “the changing regulatory landscape around SPACs, disconnect on valuations, and volatility in capital markets and in deSPAC transactions, which dissuaded good companies from accessing the markets.”
The SPAC announced the pricing of its $200 million IPO in November of 2020 and intended to combine with a target producing sustainable plant-based food or beverages, alternative protein, or ingredients to remove animals from the food supply chain. Natural Order was led by President, CEO and Director Paresh Patel, CFO and Secretary Marc Volpe and Chairman Sebastiano Cossia Castiglioni.
Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...
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Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...
InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...
10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...