CHP Merger Corp. (NASDAQ:CHPM) announced this afternoon that it has mutually terminated its business combination agreement with medical technology company, Accelus, and will opt to liquidate its trust as of April 25, 2022.
Notably, Accelus cites market conditions as the reason, but for CHP Merger Corp, which priced its IPO in November of 2019 and had already extended beyond 24 months, a liquidation is probably the most palatable answer. CHP was looking at having to begin a new search process that would require further deadline extensions, which would also need to be put to a shareholder vote (and redemptions). That’s a tall order in a challenging macroeconomic and anti-SPAC regulatory environment.
As a result, CHP has determined to liquidate and distribute the funds held in the trust account. CHP will effect their liquidation on April 25, 2022, which means that CHP will not fund their next scheduled monthly extension contribution to trust, which was set for April 26, 2022.
CHP Merger Corp. and Accelus previously announced their business combination agreement on November 14, 2021.
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