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.READ
Evo 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.READ
Banner 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.READ
XPAC 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.READ
Terms Tracker for the Week Ending June 2, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As is typical of slow holiday weeks, this past week for SPACs was no exception. To wit, there were zero new S-1s filed, zero amendments...
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...