Periphas Capital Partnering Corp. (NYSE: PCPC) announced this afternoon that it has decided to liquidate its trust instead of extending its timeline to find a business combination.
The SPAC’s Board has determined that the company will not be able to negotiate a letter of intent, agreement in principle or definitive agreement for the potential partnering transaction. As such, the Board has determined to cancel its special meeting, previously scheduled for December 12, and to redeem all of its outstanding shares effective as of December 15. PCPC has yet to announce its per-share redemption price, but expects to disclose it at a later date.
Periphas Capital announced the pricing of its $300 million IPO in December 2020 and had planned to combine with a technology-enabled target valued at more than $750 million in consumer or B2B services. Periphas was led by CEO and Director Sanjeev Mehra alongside COO and Director Jeff Dodge, CFO John Bowman and EVP Anish Pathipati.
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