Build Acquisition said it will redeem shares and shiut down effective March 17, as it will not complete an initial business combination by the March 19 deadline.

The per-share redemption price will be approximately 10.21.

Build Acquisition raised $200 million in a March 2021 IPO, saying at the time it would target SaaS, infrastructure software and services, and fintech companies.

The SPAC is led by Chairman and co-CEO A. Lanham Napier, and co-CEO Zeynep Young. Napier is CEO and co-founder of BuildGroup. Young was CEO of Calytera, a Texas-based government technology company acquired in 2020 by Granicus. Read more.

Source: Build Acquisition Announces Redemptions, Dissolution