DHC Acquisition Corp (NASDAQ:DHCA) announced that it is formally terminating its combination with conservative banking venture GloriFi.
This was essentially a formality because the SPAC already announced in November that GloriFi had begun the process of winding down. The two sides announced their $1.7 billion combination in July.
But, even at the time, public details on GloriFi’s business plan were thin. GloriFi described itself as “a pro-freedom, pro-America, pro-capitalism technology company” that would soon offer financial services and lifestyle apps aimed at politically conservative consumers. Aside from the general idea of credit and debit cards that would generate some benefits for conservative causes, GloriFi had little of its plans publicly fleshed out at the time of its July announcement, and it promised a presentation after Labor Day.
The terms of the combination agreement gave DHC the option to terminate if GloriFi had not consummated business transactions resulting in it receiving at least $60 million in unencumbered cash by September 30, 2022. Instead, the company reportedly began running short on funding in October, leading to the resignation of its CEO that month. In November, it laid off its staff saying it was closing shop, according to the Wall Street Journal.
DHC, which raised $309.5 million in its 2021 IPO, still has a little over a month before its initial March 4 transaction deadline comes up and specifically stated in today’s 8-K that it intends to keep looking for a new combination. It is led by Co-CEO Christopher Gaertner, who also serves as vice chairman and global head technology investment banking at Rothschild & Co., and Co-CEO Thomas Morgan, who is the CEO of advisory firm Corps Capital.
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