North Atlantic Acquisition announced today that it has canceled its annual shareholders meeting and will liquidate the company because it will not complete a deal on time.
The per-share redemption price will be approximately $10.13, the SPAC said.
North Atlantic warned in November that it might liquidate, then reversed course as management decided to forge onward in search of a deal.
The SPAC raised $383 million in a January 2021.
North Atlantic last July terminated a merger agreement with TeleSign, saying at the time that it intended to seek an alternative business combination.
The SPAC 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. Read more.
Source: North Atlantic Acquisition Will Redeem and Shutter Operations