Rose Hill Acquisition in an 8-K said it has filed a winding up petition in the Grand Court of the cayman islands. The decision was due to “Following advice from the Company's Cayman Islands counsel, it was determined that in light of “the impossibility of completing an initial business combination by January 18, 2024,” the filing states.
A liquidator is expected to be appointed at a hearing scheduled for Feb. 5.
Rose Hill in November terminated a merger agreement with Prize Superfoods, an exporter of “superfruits” based in Chile. That scotched deal was announced in October 2022 at an initial enterprise value of approximately $425 million.
Rose Hill stock was suspended from trading on the nasdaq that same month because the SPAC had fallen out of compliance with a listing rule requiring at least 500,000 shares on the exchange. The Nasdaq delisted the stock after Rose Hill said it would not seek a review of the decision.
THe SPAC raised $125 million in an October 2021 IPO. Read more.