Alpine Acquisition Corp. (NYSE:REVE) announced this afternoon that it has decided to cancel its completion vote tomorrow and will instead liquidate its trust.
Within the last month, the SPAC adjourned its special meeting a total of four times as it faced difficulties trying to finalize items necessary in order to complete its proposed merger with Two Bit Circus. As of yesterday, Alpine still had hopes of closing the deal and intended to reconvene the meeting on March 30, but it disclosed today that it will be unable to complete the transaction by its deadline of April 2. It will now start the process of liquidating its assets.
At Alpine’s latest extension meeting in February, shareholders redeemed 10,489,177 shares, or 98.03% of its trust, leaving the SPAC with just $2.22 million post-vote.
The parties announced the $153 million deal in May 2022 and Alpine originally planned to fund it with $109.1 million from its trust supplemented by a $25 million PIPE. The parties also expected to take out a $75 million mortgage loan, which was to close concurrently with the transaction. Two Bit Circus runs a micro amusement park in Los Angeles and hoped to acquire two conference hotels in Denver and Stamford, CT.
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