Tailwind International Acquisition in a proxy filing called a May 1 meeting for shareholders to vote on a proposal for immediate termination of the SPAC. While Tailwind has until Aug. 23 to complete a deal, the SPAC in the proxy wants the termination date to be the day of the shareholder vote.
The board has determined that it is “very unlikely” Tailwind would be able to complete a business combination before the August deadline.
Redemptions ahead of an extension vote in February erased 94% of the SPAC's trust.
Tailwind raised $300 million in an IPO more than two years ago with plans to target international consumer internet and other high-growth technology companies in international markets, with a focus on the European market. Read more.
Source: Tailwind International Throwing in the Towel