Iron Spark I announced that it will not be able to complete its business combination with Hypebeast Limited by deadline.
Shareholders approved an early wind-up that moves the June 2023 deadline to next week. As a result, the company intends to dissolve and liquidate after Dec. 28. The per-share redemption price is expected to be approximately $10.09.
Hong Kong-based Hypebeast Limited is a platform for contemporary culture and lifestyle. Announced in April, the merger deal was expected to provide up to $180 million in total gross proceeds. The transaction will be funded by a combination of the SPAC’s cash held in trust, newly issued Hypebeast ordinary shares, and proceeds from a PIPE transaction.
Iron Spark I raised about $157 million in a 2021 IPO. Read more.
Source: Iron Spark I Pulls Plug on HypeBeast Deal, Will Liquidate