VMG Consumer Acquisition Corp. (Nasdaq:VMGA) announced this afternoon that it has decided to cancel its extension vote tomorrow and will instead liquidate its trust.
At the meeting, the SPAC intended to seek shareholder approval of a proposal to extend its timeline from May 15 to November 15. It now plans to redeem all of its outstanding shares of Class A common stock at a redemption price of approximately $10.40.
As of the close of business on May 15, the shares will be deemed cancelled and will represent only the right to receive the redemption amount.
VMG announced the pricing of its $200 million IPO in November 2021. The SPAC had a timeline of 18 months to find a target to combine with, but was unable to do so within that timeframe. It originally set out to identify and complete a transaction with a high-growth consumer and retail company.
VMG is led by CEO Aarti Kapoor, CFO and Secretary Angad S. Hira, and Chairman of the Board of Directors Michael Mauze.
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