Kadem Sustainable Impact announced that it will redeem shares of Class A common stock effective March 19 because the SPAC will not close a deal by deadline.
The per-share redemption price will be approximately $10.05.
Kadem said it anticipates that shares will cease trading as of the open of business March 17.
The SPAC raised $175 million in an IPO almost two years ago to focus on companies in the electric vehicle, energy storage and distribution, and enabling mobility technologies ecosystem. Read more.
Source: Kadem Sustainable Impact to Redeem Stock and Shut Down in March