Tekkorp Digital Acquisition Corp. (NASDAQ:TEKKU) announced in a press release this afternoon that it will no longer pursue an extension for a business combination and will instead liquidate its trust.
Since TEKK’s $250 million IPO in October 2020, the SPAC’s management team has attempted to search for potential targets, but was unable to secure an opportunity that met its criteria. The SPAC originally set out to combine with a target in the digital media, sports, entertainment, leisure, or gaming industries with an enterprise valuation between $1 billion and $2 billion.
Management noted that they evaluated over 50 targets, but “persistently high valuation expectations combined with an increasingly volatile market and declining IPO market” made it challenging to lock in a high quality opportunity that would benefit its shareholders.
As a result, Tekkorp Digital will adjourn its extension meeting, and will begin the process of winding down effective October 26. The SPAC will then return capital to its shareholders within ten business days. The Company estimates that the per-share Redemption Amount will be approximately $10.05
Tekkorp is the 31st SPAC to announce its intention to liquidate in 2022.
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