Black Mountain Acquisition (nyse: BMAC, BMAC.U, BMAC WS) announced that it will redeem shares effective as of the close of business on Dec. 21 because the SPAC will not complete a merger by deadline.
A per-share redemption price will be announced as soon as possible, the SPAC said. Funds in the trust will not be used to pay for any excise tax imposed under the Inflation Reduction Act of 2022, Black Mountain added.
Black Mountain raised $240 million in an October 2021 ipo to focus on the energy value chain, although the trust now stands at about $52.6 million, according to a proxy filed in October for an extension vote. Read more.