SPACInsider Logo
BCLS Acquisition Corp. (BLSA) to Liquidate Trust
by Marlena Haddad on 2022-10-21 at 5:28pm

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.

 

Recent Posts
by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

by Marlena Haddad on 2022-12-08 at 10:52am

AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...

by Marlena Haddad on 2022-12-07 at 5:41pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Mission Advancement Acquisition Corp., and Clarim Acquisition Corp. Mission Advancement Acquisition Corp. Shareholders Approve Liquidation Date Amendment    On December 6, 2022, the stockholders of Mission Advancement Corp. approved an amendment to allow...

by Marlena Haddad on 2022-12-07 at 5:26pm

BYTE Acquisition Corp. (NYSE:BYTS) announced this afternoon that its special meeting to extend its deadline, originally scheduled for Tuesday, December 20, 2022, has been postponed. The SPAC has not yet disclosed the new date for the meeting, but it is expected to be announced at a later date. BYTE did note that it intends to...

by Marlena Haddad on 2022-12-07 at 1:22pm

D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...

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