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Lefteris Acquisition Corp. (LFTR) to Liquidate Trust
by Marlena Haddad on 2022-10-11 at 4:41pm

Lefteris Acquisition Corp. (NASDAQ:LFTR) announced this afternoon that due to its inability to complete a business combination, it intends to dissolve and liquidate its trust.

As of the close of business on October 24, the SPAC’s shares will be cancelled and the outstanding shares will be redeemed for shareholders at a per-share redemption price of approximately $10.06. The redemption of the public shares is expected to be completed within ten business days after October 23.

Similar to many SPACs that have recently liquidated their trust, Lefteris also felt the pressure from unfavorable market conditions. Jon Isaacson, CEO and CFO of Lefteris, noted that the current market turmoil made it difficult to lock in a deal with a target that would provide a “high degree of confidence that would grow in value once public.” The SPAC’s Vice Chairman and former CEO Karl Roessner expanded on this by stating that the team identified hundreds of potential business combination partners, but were unable to come to an agreement that would benefit its shareholders. The team now hopes to “take the route that returns value in a market that values cash.”

Lefteris originally announced the pricing of its downsized $200 million IPO in October 2020 and hoped to combine with a fintech company valued between $600 million and $1.3 billion with artificial intelligence and other process automation features. Lefteris is now the 36th SPAC to announce its intention to liquidate in 2022, 28 of which have already completed their liquidations.

 

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