Yunhong International (NASDAQ:ZGYH) announced this afternoon that it would be opting to liquidate its trust and wind down the company.

Yunhong disclosed in an 8-K filing that due to its inability to complete an initial business combination within the time period required by its Memorandum and Articles of Association, it intends to dissolve and liquidate.  The SPAC will redeem all of its outstanding ordinary shares that were included in the units issued in its IPO, at a per-share redemption price of approximately $10.31.

The SPAC held an extension meeting yesterday to move the consummation deadline of the business combination from November 18 to up to May 18. At the meeting, 1,091,949 shares were redeemed, or 15.825%, for a pro rata portion of the funds in ZGYH’s trust account for approximately $11.26 million, approximately $10.31 per share.

Yunhong’s sponsor decided to not make any additional contributions to the trust account as it already took three deadline extensions by contributing $0.10 per share to the trust. Accordingly, there will be no contribution for the extension period on November 18 or any subsequent extension period.

However, Patrick Orlando, which is the CEO of Yunhong, is also the Chairman and CEO of Digital World Acquisition Corp. (DWAC), which has already announced that it intends to combine with Trump Media & Technology Group.  Perhaps Patrick Orlando would rather focus on the hotter of his deals, but that is cold comfort to the shareholders of ZGYH. If this is the case, it feeds into why SPAC investors have preferred in the past that SPAC teams focus on one deal at a time to prevent fiduciary complications such as this.

Nonetheless, this is the first liquidation since Allegro Merger Corp, which intended to combine with TGI Fridays, but opted to liquidate on April 15, 2020, at the height of the Covid-19 pandemic.

Industrial and transportation solutions firm Giga Energy terminated its $7.4 billion deal with Yunhong back in September.