CHP Merger Corp. (NASDAQ:CHPM) announced this afternoon that it has mutually terminated its business combination agreement with medical technology company, Accelus, and will opt to liquidate its trust as of April 25, 2022.
Notably, Accelus cites market conditions as the reason, but for CHP Merger Corp, which priced its IPO in November of 2019 and had already extended beyond 24 months, a liquidation is probably the most palatable answer. CHP was looking at having to begin a new search process that would require further deadline extensions, which would also need to be put to a shareholder vote (and redemptions). That’s a tall order in a challenging macroeconomic and anti-SPAC regulatory environment.
As a result, CHP has determined to liquidate and distribute the funds held in the trust account. CHP will effect their liquidation on April 25, 2022, which means that CHP will not fund their next scheduled monthly extension contribution to trust, which was set for April 26, 2022.
CHP Merger Corp. and Accelus previously announced their business combination agreement on November 14, 2021.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....