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.
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...