Right after announcing an extension proposal, fintech-focused Williams Rowland Acquisition in an 8-K announcedd that founder and co-CEO Jonathan Rowland sold his interest in the company for $300,000.
Rowland further informed the board he was stepping aside as a director and co-CEO. Rowland's resignation was not due to any disagreement with the SPAC on any matter relating to its operations, policies or practices, the filing notes.
Williams Rowland earlier this week filed a proxy seeking another termination extension — from July 29 up to March 29, 2024 in monthly increments. Its current extension, which shareholders approved last December, expires next month.
The SPAC said it is still in the process of identifying a potential business combination target.
Williams Rowland raised $200 million in a July 2021 ipo. Former professional hockey player David “Tiger” Williams will continue to lead the SPAC as CEO following the departure of Rowland, who is founder of Mode Global Holdings. Read more.