Cascade Acquisition Corp. (CAS) Announces Liquidation
by Marlena Haddad on 2022-05-18 at 6:10pm

Cascade Acquisition Corp. (NYSE:CAS) announced this afternoon that it intends to dissolve and liquidate due to its inability to complete an initial business combination within the required time period.

As a result, the SPAC will redeem all of the 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 $10.10. Cascade expects to cease operation as of May 24, 2022, and the public shares will be deemed cancelled and will represent only the right to receive the redemption amount.

Record holders may redeem their shares for their pro rata portion of the proceeds of the trust account by delivering their public shares to Continental Stock Transfer & Trust Company. The redemption of the public shares is expected to be completed within ten business days after May 24, 2022.

Additionally, the company’s initial stockholders have waived their redemption rights with respect to its outstanding common stock issued prior to the IPO. There will be no redemption rights or liquidating distributions with respect to warrants, which will expire worthless.

Cascade, which raised $200 million at their IPO on November 19, 2020, is the fifth SPAC to liquidate this year, and the first financial services-focused SPAC to do so. Interestingly enough, although Cascade had 18 months on its transaction clock to complete a business combination, the SPAC had the ability to auto-extend for 6 more months by contributing $0.10 per share to trust, but chose to forgo that option and liquidate instead.


Recent Posts
by Kristi Marvin on 2023-09-22 at 5:34pm

Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...

by Kristi Marvin on 2023-09-22 at 5:32pm

Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...

by Kristi Marvin on 2023-09-22 at 5:23pm

Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26  at 11:30 a.m., Eastern Time.  Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...

by Kristi Marvin on 2023-09-22 at 4:46pm

Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...

by Nicholas Alan Clayton on 2023-09-22 at 3:31pm

Hainan Sirius Acquisition Corp. (NASDAQ:HSAC) filed an S-1 this week to become September’s first new SPAC and the 20th overall to file in 2023. The SPAC aims to combine with a company operating in a sizable market with cutting edge disruptive technology that is scalable with near-term cashflow in sight. That is fairly broad and...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved