SPACInsider Logo
5:01 Acquisition Corp. (FVAM) to Liquidate Trust
5:01 Acquisition Corp. (FVAM) to Liquidate Trust
by Marlena Haddad on 2022-09-20 at 6:10pm

5:01 Acquisition Corp. (NASDAQ:FVAM) announced in a press release this afternoon that it intends to liquidate its trust after being unable to complete a business combination.

The SPAC will instead redeem its shares and the public shareholders are expected to receive their pro rata share of the trust at $10.00 per share. Shares of FVAM will be deemed cancelled and stop trading as of the close of business October 17.

The company initially set out to combine with a biotechnology target with scientifically differentiated potential treatments at the early stages of development. 5:01 represents the 27th SPAC to liquidate this year and the 4th SPAC to do so today following Chamath Palihapitiya’s Social Capital IV (NYSE:IPOD) and Social Capital VI (NYSE:IPOF) this morning, and North Mountain Merger Corp. (NASDAQ:NMMC) this afternoon.

The biotech-focused SPAC, which originally announced the pricing of its $80 million IPO in October 2020, had 24 months to complete a business combination.  5:01 was led by Co-CEO and Director Andrew J. Schwab, Co-CEO and Director Kush M. Parmar, General Counsel and Secretary Galya D. Blachman, CFO Rebecca L. Lucia, and Chief Business Officer Jason R. Ruth.


Recent Posts
by Kristi Marvin on 2022-11-28 at 8:27pm

Considerations for Creating Shareholder Value in a Volatile Market   Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...

by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved