Atlantic Avenue (NYSE:ASAQ) has announced that it will cancel its special meeting scheduled for 10 am this morning to extend its transaction deadline and will instead liquidate, redeeming all shares at $10.03 per share.
The SPAC expects to complete the dispersal of trust funds within 10 days following October 6. This date is the SPAC’s current transaction deadline and the Atlantic Avenue team was seeking to extend that deadline on a monthly basis up to six times to April 6, 2023. But, even six more months may have proven too short to complete a deal.
Atlantic Avenue raised $250 million IPO in its October 2020 and intended to combine with a target “in an industry undergoing secular change through a meaningful technological transformation“, which is also the profile of companies that the current market conditions have turned away from in recent months.
It now becomes the 33rd SPAC to announce its intention to liquidate in 2022.
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....
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