Cascade Acquisition Corp. (NYSE:CAS) announced this afternoon that it intends to dissolve and liquidate due to its inability to complete an initial business combination within the required time period.
As a result, the SPAC will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its IPO at a per-share redemption price of approximately $10.10. Cascade expects to cease operation as of May 24, 2022, and the public shares will be deemed cancelled and will represent only the right to receive the redemption amount.
Record holders may redeem their shares for their pro rata portion of the proceeds of the trust account by delivering their public shares to Continental Stock Transfer & Trust Company. The redemption of the public shares is expected to be completed within ten business days after May 24, 2022.
Additionally, the company’s initial stockholders have waived their redemption rights with respect to its outstanding common stock issued prior to the IPO. There will be no redemption rights or liquidating distributions with respect to warrants, which will expire worthless.
Cascade, which raised $200 million at their IPO on November 19, 2020, is the fifth SPAC to liquidate this year, and the first financial services-focused SPAC to do so. Interestingly enough, although Cascade had 18 months on its transaction clock to complete a business combination, the SPAC had the ability to auto-extend for 6 more months by contributing $0.10 per share to trust, but chose to forgo that option and liquidate instead.


Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...