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.
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...