Latest SPAC Liquidations: VMG Consumer, Evo, Banner, and XPAC
VMG Consumer Acquisition Corp. (VMGA) to Liquidate on May 15
VMG Consumer Acquisition Corp. (NASDAQ:VMGA) today announced that it has cancelled its special meeting of stockholders and intends to dissolve and liquidate, effective as of the close of business on May 15, 2023. It will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering, at a per-share redemption price of approximately $10.40.
READEvo Acquisition Corp. (EVOJ) to Liquidate on May 8
Evo Acquisition Corp. (Nasdaq: EVOJ) announced, announced today that it intends to liquidate as soon as practicable on or after May 8, and to return funds to holders of its shares of Class A common stock.
In view of the previously announced termination of Evo’s Business Combination Agreement with 20Cube Logistics Pte. Ltd. and certain other parties, the Board of Directors of Evo has determined not to further extend the deadline date in which Evo is required to consummate a business combination beyond the current expiration date, May 8, 2023.
After satisfying its liabilities for expenses and working capital loans, Evo expects to redeem all of its outstanding shares of Class A common stock for an estimated redemption price of approximately $10.12 per share after the payment of taxes and dissolution expenses. On or about the close of business on May 9, the Class A common stock will be deemed canceled and will represent only the right to receive the redemption amount.
READBanner Acquisition Corp. (BNNR) to Liquidate on May 16
Banner Acquisition Corp. (NASDAQ: BNNR) today announced that it will redeem all of its outstanding shares of Class A common stock, effective as of the close of business on or around May 16.
The per-share redemption price for the public shares will be approximately $10.27.
READXPAC Acquisition Corp. (XPAX) Terminates Deal, Announces Possible Liquidation
On May 2, SuperBac informed XPAC (NASDAQ:XPAX) that it had decided to terminate the business combination agreement. SuperBac disclosed that it terminated the deal for a number of reasons including the prevailing unfavorable public market conditions and trends in the share price performance of companies that have completed de-SPAC transactions, a balancing of the benefits and drawbacks of becoming a publicly traded company under current circumstances, and the fact that no PIPE investments had been entered.
In connection with the termination of the deal, the XPAC Board determined that it is very unlikely that it would able to complete an initial business combination with a target other than SuperBac before the termination date and that it is in the best interests of XPAC and its shareholders to accelerate the deadline. If the accelerated termination shareholder matters are approved, then the SPAC will liquidate.
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Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....