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Cascade Acquisition Corp. (CAS) Announces Liquidation

liquidation

Cascade Acquisition Corp. (CAS) Announces Liquidation

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.