Latest SPAC Liquidations: Tio Tech A, Horizon Acquisition Corp. II, Eucrates Biomedical, and InterPrivate IV InfraTech Partners Inc.
Tio Tech A (TIOA) to Liquidate on April 21
On April 11, Tio Tech A (NASDAQ:TIOA) announced that it will be unable to complete an initial business combination and intends to redeem all of the outstanding Class A ordinary shares on or about April 24.
The company expects that the last day of trading of the shares on the Nasdaq will be April 21.READ
Horizon Acquisition Corp. II (HZON) Terminates Flexjet Deal, Intends to Liquidate on April 25
Horizon Acquisition Corporation II (NYSE American: HZON) announced today that it has agreed to terminate its business combination agreement with Flexjet, Inc. As a result of the termination, Flexjet will remain a private company, and Horizon will liquidate its trust account and redeem all of its outstanding Class A ordinary shares.
The parties have signed an agreement terminating the business agreement on mutually acceptable terms, but the terms include a termination payment of approximately $30 million from Flexjet to Horizon. As a result of the payment and after satisfying its liabilities for expenses and working capital loans, Horizon expects to redeem all of its outstanding Class A shares for a redemption price of approximately $11.33 per share, an expected increase of approximately $1.30 per share over the current $10.03 per share amount in Horizon’s trust account.
Horizon anticipates that the last day of trading in the Class A ordinary shares will be April 25.READ
Eucrates Biomedical Acquisition Corp. (EUCR) to Liquidate
Eucrates Biomedical Acquisition Corp. (Nasdaq: EUCR) announced today that it intends to dissolve and liquidate its trust.
As part of that dissolution and liquidation, the company will redeem all of the outstanding ordinary shares at a per-share redemption price of approximately $10.00.
As of the close of business on April 26, the shares will represent the right to receive the redemption amount.READ
InterPrivate IV InfraTech Partners (IPVI) to Liquidate on April 12
InterPrivate IV InfraTech Partners Inc. (Nasdaq: IPVI) announced today that it will redeem all of its issued and outstanding shares of Class A common stock because the sponsor has determined that it will not make an additional contribution to the trust account required in order to further extend the April 9, 2023 deadline.
Following such redemption of the shares, the company will liquidate and dissolve. It anticipates that the shares will cease trading at or around the close of business on April 12, and the redemption amount is expected to be paid by April 25.
On the Redemption date, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount. After April 25, 2023, the Company will cease all operations except for those required to wind up the Company’s business.READ
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
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