SOAR Technology Acquisition announced late last night that it will be unable to complete a deal by its deadline and so will liquidate at the close of business today.
The per-share redemption price will be approximately $10.42.
SOAR said less than three weeks ago that it would extend its termination deadline by three months until March 20, 2023. The SPAC's sponsor in return would deposit $2.3 million into trust (10 cents a share) by today, a move the SPAC ultimately chose not to make.
SOAR raised $230 million in a September 2021 ipo. The SPAC was focused on businesses in the greater technology or tech-enabled industries. Read more.
Source: SOAR Technology Acquisition Punts Extension, Opts to Dissolve Instead