Benessere Capital Acquisition Corp. (NASDAQ: BENE) announced in a press release this afternoon that its board of directors has determined to dissolve and liquidate its trust.
The SPAC’s move to liquidate comes just days after its merger target eCombustible terminated the pair’s combination agreement. Benessere had just a few weeks until its November 7, 2022 transaction deadline and had seen 39.8% of shares redeemed through two previous extensions. Benessere originally announced the combination with hydrogen fuel producer eCombustible on November 24, but the SPAC’s team was also occupied with its other deal as Chairman and CEO Patrick Orlando serves in the same role for Digital World (NASDAQ:DWAC).
Aside from the recent deal termination, Benessere’s management also pointed towards ongoing regulatory investigations, and the sponsor’s failure to make monthly contributions to the trust in connection with the additional extension approved by stockholders as the reason for liquidating.
The SPAC will redeem all of its outstanding shares of Class A common stock that were included in the units issued in its IPO, at a per-share redemption price of approximately $10.45. Stockholders should expect to receive their redemptions of the public shares within ten business days following October 17.
BENE now marks the second SPAC to announce a liquidation today, following BCLS Acquisition Corp. (NASDAQ:BLSA), and is the 43rd SPAC to do so this year.
ChampionsGate Acquisition Corporation (NASDAQ:CHPGU) has filed for a $200 million SPAC and is underwriter Clear Street’s fifth SPAC to file so far this year. This puts Clear Street above recent SPAC mainstays like EF Hutton, Maxim Group and Alliance Global partners and it appears to have carved out a portion of the market for itself,...
At the SPAC of Dawn Tuesday brings a big day of US retail sales readings, which generally get outsized attention in the thick of the holiday season. A pair of US retail sales indicators are set to report at 8:30 am ET, while industrial production figures and capacity utilization are set for a 9:15 am...
Jackson Acquisition Company II (NYSE:JACS.U) announced the pricing of its $200 million IPO and its units are expected to begin trading on the NYSE under the symbol “JACS.U”, Tuesday, December 10 2024. The new SPAC intends to search for a healthcare target that can benefit from its team’s relationships within the healthcare services space nationally....
SPAC deal flow has hit a slump in the second half of 2024 as the SPAC ecosystem transitions from one generation of SPACs to another. This year started with 128 SPACs still searching for a target and 102 SPACs are still in that state today. So, one might expect a more vigorous pace of announced...
At the SPAC of Dawn The second week of December kicks off with plenty of business on the schedule. Eight SPACs are holding votes of some kind while both Swiftmerge (NASDAQ:IVCP) and Mars (NASDAQ:MARX) ask their shareholders for approval of their deals. Swiftmerge has been working to take natural gas producer AleAnna public since June...