Accretion Acquisition in an 8-K said shareholder redemptions ahead of a favorable extension vote erased approximately $159 million from trust. The SPAC had raised $180 million in an October 2021 IPO.
Shareholders did approved a deadline extension until July 25, with a provision giving the spac board permission to extend five additional times beyond that date, in monthly increments.
Accretion has been targeting companies involved in the energy value chain, including upstream, water management, gas and vapor capture, energy transition related systems, midstream, oil and gas-related software, commodity risk management or oil and gas services. Read more.
Source: Accretion Acquisition Loses 88% of Trust to Redemptions on Extension Vote