BCLS Acquisition Corp. (NASDAQ: BLSA) 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 26, BCLS’s publicly held Class A ordinary shares will be deemed cancelled and will represent only the right to receive the per-share redemption price of $10.03 within ten business days.
As of September 30, the balance of BLSA’s trust account was $144,329,573, including the $579,573 in interest and dividend income, excess of cash over $143,750,000, the funds deposited into the trust. In accordance with the terms of the trust agreement, BCLS expects to retain $100,000 of the interest and dividend income from the trust to pay dissolution expenses.
Although BCLS’s management team did not provide commentary on the liquidation, current market dynamics and ongoing economic uncertainty have impacted many SPACs forcing them to liquidate. BCLS now becomes the 42nd SPAC to announce a liquidation this year.
The SPAC, which had 24 months on its timeline to complete a business combination, announced the pricing of its $125 million IPO in October 2020. BCLS aimed to combine with a life sciences target with innovative biotech, pharmaceutical or diagnostics technology.
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