Highland Transcend I (NASDAQ:HTPA) announced this morning that it will redeem all public shares effective December 8 as it will not complete a business combination.
Shareholders are expected to receive a redemption rate of $10.06 per share and Highland Transcend I is to cease all operations other than its winding down efforts on December 7.
The SPAC raised $300 million in its December 2020 IPO led by Goldman Sachs veteran Ian Friedman at CEO and Highland Capital General Partner Bob Davis serving as executive chairman. The team aimed to combine with a disruptive target company in the commerce, digital media and enterprise software spaces.
In September 2021, it announced a $1.55 billion combination with ecommerce service provider Packable, but this was later terminated in March of this year, citing “unfavorable market conditions”.
Highland Transcend I has joined seven other SPACs that have opted to liquidate this week ahead of the Thanksgiving holiday in the US, following GigInternational1 (NASDAQ:GIW), HumanCo (NASDAQ:HMCO), INSU III (NASDAQ:IIII), Population Health (NASDAQ:PHIC), Jiya Acquisition Corp. (NASDAQ:JYAC), FinTech Acquisition Corp. V (NASDAQ:FTCV) and FinTech Acquisition Corp. VI (NASDAQ:FTVI).
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