A month after warning it might liquidate, North Atlantic Acquisition filed a proxy seeking shareholder approval to extend its termination deadline from January until July 2023.
The SPAC raised $383 million in January last year.
North Atlantic in July terminated a merger agreement with TeleSign, saying at the time that it intended to seek an alternative business combination.
North Atlantic Acquisition is led by Chairman Andrew Morgan, whose 27-year career at Diageo, one of the largest alcoholic beverage companies in the world, included managing the acquisition of global brands. He held a lead role in the acquisition and global integration of The Seagram Company by Diageo and Pernod Ricard for $8.15 billion in 2001. Read more.
Source: North Atlantic Acquisition Seeks 6-Month Extension