Recharge Acquisition Corp. (NASDAQ:RCHG) announced this afternoon that it intends to dissolve and liquidate its trust after being unable to complete a business combination.
The SPAC had a transaction deadline set for October 5, but will now redeem all of its outstanding shares of Class A common stock issued as part of the units sold in its IPO at a per-share redemption price of approximately $10.12. As of the close of business on October 5, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount, which will be completed by October 20.
With an IPO date of October 1, 2020, Recharge represents the 6th oldest searching SPAC and is the 23rd SPAC to liquidate in 2022 thus far. The company raised $200 million at IPO and intended to combine with a target with a recognizable brand and stable free cash flow. Recharge was led by Chairman Rajesh Soin, CEO and Director Anthony Kenney and CFO Michael Gearhardt.
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
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Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...
FAST II (NYSE:FZT) announced this morning that it has amended its combination with resort operator Falcon’s Beyond, shifting more value from both sides into earn-outs. The deal’s $1 billion enterprise value technically remains, but Falcon’s Beyond shareholders will receive less equity at close. The valuation is now made up of a $620 million enterprise value...