E.Merge Technology Acquisition Corp. (NASDAQ: ETAC) announced this afternoon that it intends to dissolve and liquidate its trust due to its inability to complete a business combination.
The SPAC anticipates that the public shares will cease trading as of the close of business on September 4, 2022, and will redeem all of its outstanding shares from its IPO for approximately $10.06 per share.
E.Merge Technology, which priced an upsized IPO of $522 million over two years ago in July 2020, which grew to $600 million with its over-allotment, intended to find a target in the software and internet technology industries. The liquidation comes as a surprise as the SPAC’s sponsor recently contributed to its trust to extend its transaction timeline from August 4, 2022 to November 4, 2022.
ETAC marks the 18th SPAC liquidation so far in 2022, and the 5th in August thus far. The tech-focused SPAC was led by Jeff Clarke, as Co-Chief Executive Officer, Chief Financial Officer and Director, and Guy Gecht, as Co-Chief Executive Officer. S. Steven Singh will be Chairman of the Board of Directors.
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...