Figure Acquisition I today announced that its stockholders approved an amendment to permit the company to wind up early. The SPAC made this election and will redeem all outstanding shares effective Dec. 30.
One week ago today the SPAC announced it was in active merger discussions with a large warehouse lender and bank holding company with nationwide residential mortgage lending and servicing operations. The SPAC and the bank had signed a non-binding letter of intent for a potential deal.
The bank is said to be a privately held, $3-5 billion asset holding company that provides home loans to communities across the United States.
Last week’s announcement also included a reminder to stockholders that Figure I was seeking approval of an extension of time to complete a business combination, from Feb. 23 to Aug. 23.
However, now the SPAC reports that all Class A stockholders who elected to have their shares redeemed in connection with today’s stockholder meeting will receive payment of the redemption price Dec. 20. All other stockholders will receive payment on Dec 30. The per share redemption price is expected to be approximately $10.05. Read more.
Source: Figure I Opts to Liquidate Precisely 1 Week After Announcing LOI for a Merger