Northern Genesis Acquisition III announced that it will redeem shares effective at the close of business March 27, as it will not complete a business combination by its March 28 deadline.
The per-share redemption price will be approximately $10.15, the SPAC said.
The public shares will cease trading at the close of business March 24.
The SPAC raised $150 million in a February 2021 ipo to target companies “whose business practices demonstrate clear alignment with sustainability principles and whose organizational culture embraces the value of such alignment.”
The SPAC is led by Director Paul Dalglish, who has also served on the boards of directors of Northern Genesis Acquisition I and II. Read more.