Foxwayne Enterprise Acquisition in a regulatory filing said it will redeem shares and wind up, rather than proceed with an extension vote to push its merger deadline with Clover back to July.
The per-share redemption price will be approximately $10.175.
Clover is a live streaming company focused on Gen Z and Millennial audiences and creators.
The SPAC in November pushed the merger deadline back to this month, then called another shareholder meeting, now cancelled, to consider an extension until at least April and as late as July.
Foxwayne Enterprise said it would shut down and redeem shares at the close of business Friday.
At deal announcement last September, Clover was expected to receive approximately $157.45 million in stock. Read more.
Source: Foxwayne Enterprise Acquisition Will Not Merge With Clover, Plans to Liquidate, Instead