Bilander Acquisition said because it will not close a merger by deadline the SPAC will instead redeem all outstanding Class A stock effective July 26. Shares will cease trading on the nasdaq the day before.

The per-share redemption price is expected to be approximately $10.25.

Bilander raised $150 million in an ipo two years ago.

Shortly after its IPO, the SPAC said it had been in discussions with potential business combination partners in their capacity as officers of TWC tech Holdings II, an existing blank check company sponsored by an affiliate of Bilander's sponsor. Read more.

Source: Bilander Acquisition Will Redeem Stock and Wind Up