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.
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