JAWS Hurricane Acquisition said its board has determined not to proceed with a proposal to extend its deadline and canceled the stockholders meeting scheduled for June 8.
The SPAC will redeem outstanding shares by June 16 because it will not close a deal by deadline.
The move represents an abrupt reversal folowing the filing early last month of a proxy seeking shareholder approval to give the SPAC until June 2024 to complete a merger.
JAWS Hurricane raised $275 million in an ipo nearly two years ago. Led by Chairman Barry S. Sternlicht and CEO Matthew Walters, JAWS Hurricane is focused on consumer technology and related technology businesses with all or a substantial portion of activities in North America. Read more.