RedBall Acquisition Corp. (NYSE:RBAC) announced over the weekend that it will not complete a transaction before its August 17 deadline and it intends to liquidate its trust.
Its shares will cease trading on August 16 and the SPAC is set to return about $10.02 per share to investors shortly after this date.
RedBall was an eye-catching SPAC when it IPO’d in August 2020, raised right as the SPAC boom was revving up. Sponsored by sports-focused investment group RedBird and including for MLB executive Billy “Moneyball” Beane on its Board, RedBall was the focus of hopes of an exciting new kind of SPAC deal.
It did aim high out of the gate and was reportedly long in talks with Fenway Sports Group, which owns the Boston Red Sox and Liverpool Football Club in the English Premier League, which would have undoubtedly been a multi-billion-dollar deal. But, those talks led to naught and it ultimately signed a definitive agreement with event ticket marketplace SeatGeek in October 2021.
This deal also terminated in June as the market turned, which gave RedBall little time left on its original deadline. Now, RedBall’s IPO and liquidation alongside that of Bill Ackman’s Pershing Square Tontine (NYSE:PSTH) seem to bookend the previous SPAC cycle as the market now enters into a new one.
RedBall marks the 13th SPAC liquidation so far in 2022 and is unlikely to be the last. Of the 581 SPACs currently searching for a target, 92 have four months or less left on their clock.
LatAmGrowth SPAC (NASDAQ:LATG) announced in a filing this morning that it will once adjourn its special meeting to liquidate early a second time and will reconvene it at October 5. The proposals on its ballot would initiate the process of winding down the SPAC and return all trust capital to investors outside of $100,000 for...
Jaguar Global (NASDAQ:JGGC) announced this morning that its shareholders approved its combination with glass-maker GLAAM at a special meeting September 27. The parties have not yet released redemption figures or a timeline to close, but the combined company is expected to change its name to Captivision. Upon close its shares and warrants are to trade...
Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has tacked on $1.7 million more to the PIPE for its combination with Brazilian software firm Nuvini. The move comes as its shareholders are to vote to complete the deal later today and adds to $11.1 million in PIPE funds it secured earlier this...
Crixus BH3 (NASDAQ:BHAC) announced in an 8-K this morning that it will sell its most of its sponsor shares and warrants to a new sponsor entity, which will continue to lead the SPAC. The new sponsor is to buy up 3,746,303 promote shares (65.1%) and 4,160,000 (65%) of the original sponsor’s private placement warrrants for...
GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...