SPACInsider Logo
Liberty Media Acquisition Corp. (LMAC) Files to Liquidate Early by Vote
by Kristi Marvin on 2022-09-29 at 5:49pm

Liberty Media Acquisition Corp. (Nasdaq: LMAC) filed a proxy this afternoon for a shareholder vote to liquidate early. Liberty Media’s current completion deadline is January 26, 2023, but today’s filing is asking shareholders to approve an amendment that would allow the Board to change the date to no later than December 30, 2022.

As has been cited by many teams this year, Liberty Media noted in a press release, “…a declining IPO market in 2022, and significant public and private market volatility, which have prevented the Company from securing an opportunity that it believes will offer a compelling return on investment for its stockholders.”  Liberty Media also stated that they had evaluated over 140 target companies since its IPO on January 23, 2021.

Interestingly, Liberty Media also explicitly referenced the “recent changes in U.S. tax law” as the reason to move up its completion deadline so it could liquidate early. This is a direct reference to the recent 1% excise tax on share buybacks that was included in the Climate Change Bill that was passed in early August (also named the “Inflation Reduction Act”).   Crucible Acquisition Corp. (NYSE: CRU) recently filed to do something similar, and while CRU did not make mention of the excise tax in its 8-k, it is implied given that its current completion deadline is January 7, 2023.

These moves are not unexpected and there should be additional teams looking to do the same given the strong economic headwinds combined with a 2023 SPAC expiration date and additional tax bill. Look for an increase in the coming months of SPACs looking to terminate early by vote as well.

In the meantime, Liberty Media has set a record date of October 3, 2022.  As a result, the vote will most likely be held in late October or early November.


Recent Posts
by Nicholas Alan Clayton on 2023-01-30 at 12:07am

Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...

by Marlena Haddad on 2023-01-30 at 11:42am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...

by Marlena Haddad on 2023-01-30 at 10:15am

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...

by Nicholas Alan Clayton on 2023-01-30 at 9:07am

European Biotech (NASDAQ:EBAC) announced in an 8-K this morning that it has increased its PIPE by $7.8 million and added $7 million to the convertible loans attached to the combination with biotech firm Oculis. The new PIPE cash comes at $10 per share and joins $63.3 million in existing PIPE financing for a total of...

by Nicholas Alan Clayton on 2023-01-30 at 7:17am

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...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved