Sanaby Health Acquisition Corp. I (NASDAQ: SANB) announced this afternoon that due to its inability to complete a business combination, it intends to dissolve and liquidate its trust, effective as of the close of business on October 19.
The SPAC will now redeem all of its outstanding shares of Class A common stock that were included in the units issued in its IPO at an estimated $10.22 per share.
CEO of Sanaby Health Sandra Shpilberg commented on the liquidation stating that the team met with many companies over the past year, “however, current market dynamics and lingering economic uncertainty” convinced them it would be best to return the capital held in trust back to shareholders. Sanaby Health now marks the 40th SPAC to announce a liquidation this year, 31 of which have already completed their liquidations to-date.
As of the close of business on October 19, the shares will be deemed cancelled and will represent only the right to receive the redemption amount, which is expected to be completed within ten business days following the close.
The SPAC, which had 12 months on its timeline to complete a business combination, announced the pricing of its $150 million IPO in October 2021. Sanaby Health I intended to identify opportunities in the healthcare industry, with a focus on digital health, life science tools and services, and innovative therapeutics.
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