Jiya Acquisition Corp. (NASDAQ:JYAC) announced this afternoon that it will liquidate its trust due to its inability to complete a business combination.
The SPAC expects its shares to stop trading as of the close of business on November 23. As of November 25, the shares will be deemed cancelled and will represent only the right to receive the redemption amount.
JYAC marks the second liquidation of the day thus far, following Population Health (NASDAQ:PHIC). Both SPACs IPO’d on the same day, November 19, 2020, but PHIC, domiciled in the Cayman Islands, anticipates a redemption amount of $10.09 per share while JYAC, which was domiciled in Delaware, expects a redemption amount of just $10.05 per share.
Jiya raised $103.5 million in gross proceeds at its IPO and intended to combine with a biopharmaceutical target. The SPAC was led by Chairman Srinivas Akkaraju, CEO and Director Rekha Hemrajani, CFO, Secretary and CFO Richard Van Doren as well as Chief Investment Officer and Director Cory Freedland.
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