Latest SPAC Liquidations: 26 Capital Acquisition Corp.
26 Capital Acquisition Corp.(ADER) to Liquidate on September 21, 2023
26 Capital Acquisition Corp. (Nasdaq: ADER), today announced that it will be unable to complete an initial business combination within the time period required due to the Delaware Court of Chancery’s decision denying 26 Capital’s request for an order of specific performance in an action commenced in February 2022 against certain of the parties (the “UEC Parties”) to the Merger and Share Acquisition Agreement.
Accordingly, the final $275,000 monthly installment to extend the Combination Period until October 20, 2023 will not be deposited into 26 Capital’s U.S.-based trust account (the “Trust Account”) and instead, 26 Capital intends to liquidate the Trust Account, effective as of the close of business on September 21, 2023.
In connection with the liquidation of the Trust Account, 26 Capital will redeem all of the outstanding shares of common stock that were included in the units issued to public stockholders in its initial public offering at a per-share redemption price of approximately $10.95, before taking into account the removal of a portion of the accrued interest in the Trust Account to pay taxes and dissolution expenses.
As of the close of business on or about September 25, 2023, the Public Shares will be deemed cancelled and stockholders will have the right to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after September 28, 2023.
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