Athlon Acquisition Corp. (NASDAQ: SWET) announced in a press release this morning 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 January 14, will now redeem all of the outstanding shares of Class A common stock that were included in the units issued in its IPO at an estimated per-share redemption price of $10.06. As of the close of business on December 1, the shares will be deemed cancelled and will represent only the right to receive the expected per-share redemption price, which will be completed within ten business days.
Interestingly, despite have a January 2023 completion deadline, Athlon has opted to forego holding a shareholder vote to get approval to liquidate early. Since Athlon’s deadline is only two months away, the timeframe might be close enough that a vote was deemed an unnecessary step. We’ll have to wait and see if other January SPACs opt to follow the same playbook.
The SPAC announced the pricing of its upsized $240 million IPO in January of 2021 and intended to combine with a target in the health, wellness and fitness sectors. Athlon was led by CEO Chris Hickey, CFO David Poltack and Executive Chairman Mark Wan.
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