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.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...