Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC Liquidations: GigInternational 1 and HumanCo
GigInternational1 Announces Expiration of Exclusivity of Term Sheet for a Business Combination with Convalt Energy, Inc. and Liquidation and Redemption of Public Shares
GigInternational1, Inc. (Nasdaq: GIW) announced this afternoon that the exclusivity provision of its previously announced non-binding term sheet with Convalt Energy, Inc. has expired and that it will no longer pursue a business combination.
Since GigInternational1 doesn’t believe that it will be able to complete a business combination within the remaining time available, the SPAC will now start the process of dissolving and liquidating its assets.
Additionally, the sponsor has indicated that it does not intend to deposit the current and future necessary monthly funds to the trust to extend the SPAC’s timeline.
READHumanCo Acquisition Corp. Announces Liquidation
HumanCo Acquisition Corp. (Nasdaq: HMCO) announced today that, due to its anticipated inability to complete a business combination, it intends to dissolve and liquidate. As of the close of business on December 1, the shares will be deemed cancelled and will represent only the right to receive the redemption amount of $10.08.
“We worked tirelessly to bring our shareholders value as we identified numerous potential business combination partners and met with many mission-aligned companies regarding potential transactions. Ultimately, however, we were unable reach a deal with a target company that we were confident would result in a successful business combination. We remained committed to the best interests of our shareholders, and are therefore returning the capital held in the trust account,” stated Ross Berman, CEO of HumanCo Acquisition Corp.
“Current market conditions have also convinced us that the best way to deliver on our promise to shareholders is to return the capital held in trust,” added HumanCo Acquisition Corp.’s Executive Chairman, Jason H. Karp.
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