SCVX Corp. (NYSE:SCVX) announced this afternoon that it will be redeeming all outstanding shares and liquidating its trust, effective as of August 11, 2022.
SCVX originally had 24 months on its transaction timeline to complete a business combination. It raised $200 million at IPO in January 2020, and extend its timeline six months, however, it will now cease all operations except for the purpose of winding up. SCVX had originally planned to combine with businesses in the cybersecurity industry globally, with enterprise valuations in the range of $600 million to $1.5 billion.
The liquidation comes just a few months after SCVX cancelled its non-binding LOI with an unnamed target that was focused on ESG. As part of the previous announcement in January, it was revealed that the SPAC had already sourced $75 million in PIPE indications from an institutional investor and certain strategic partners. Nonetheless, SCVX terminated the agreement in March and stated at that time that it was, “currently exploring alternative options for consummating a business combination.”
The SPAC had previously scheduled an extraordinary general meeting of shareholders for today to vote on a proposal to extend the timeline which it may consummate an initial business combination; however, no business was conducted at this meeting. SCVX will begin the process of redeeming its shares and returning capital back to its investors shortly for an expected redemption amount of $10.03.
SCVX is the twelfth SPAC to announce it would liquidate this year, and was led by Michael Doniger, in partnership with Hudson Bay, as Chief Executive Officer and Chairman, and Hank Thomas, of Strategic Cyber Ventures, as Chief Technology Officer and Director. Chris Ahearn served as Chief Financial Officer and Secretary.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...