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 May 9, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After the sprint that was last week, with nine IPOs and six new SPAC filings, this week took a breather. Only two SPACs priced, there...
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...
At the SPAC of Dawn De-SPACs were among the biggest movers in yesterday’s stock market rally, but most of this momentum came on the backs of direct earnings performance. Only three US-listed companies had bigger one-day gains than quantum computing firm D-Wave’s (NYSE:QBTS) +51.2% jump. This came as the company announced $15 million in revenue...
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....