Today, Fellazo Inc., which was recently de-listed from Nasdaq, provided an update via a press release whereby the Company said it is exploring various alternatives. However, it specifically stated that one of those alternatives includes liquidating the trust.
Furthermore, Fellazo also provided an update on the current funds held in trust (since we still don’t have a 10-Q), which as of the close of business on March 11, 2020, held an aggregate of $58,366,134.06. However, if they do liquidate, keep in mind that $50,000.00 will be used for dissolution expenses.
Fellazo, Inc. was initially given 12 months to announce and close a combination, but can extend for three additional 3-month periods for $0.10 at each extension, so while they held their IPO on July 25, 2019, they could theoretically extend to the end of April, 2021. That’s still a lot of time, but the fact that they press-released they are considering liquidation means that is now a very, very real option.
Stay tuned for further updates.