Omnichannel Acquisition Corp. (NYSE:OCA.U) announced this afternoon that it will be redeeming all of its outstanding shares of Class A common stock, effective as of the close of business on June 1, 2022, due to its inability to complete a business combination.

As a result, the SPAC will redeem all of the outstanding shares at a per-share redemption price of approximately $10.00. Omnichannel has approximately $206,541,294 left in its trust account, including $41,294 in interest and dividend income, excess of cash over $206.5 million the funds deposited into the trust.  In accordance with the terms of the related trust agreement, the company expects to retain the interest and dividend income to pay dissolution expenses. Accordingly, there is expected to be a total of $206.5 million available for redemption of the 20,650,000 public shares outstanding, which results in a redemption price of $10.00 per share.

Omnichannel, which raised $200 million at their IPO on November 19, 2020, had 18 months to complete a business combination without the ability to extend. This represents the sixth SPAC to liquidate this year, and the second SPAC to do so today, just moments after Cascade Acquisition Corp.’s (NYSE:CAS) announcement.

As background, Omnichannel originally announced a $1.03B combination with insurance technology company Kin Insurance, Inc. last summer on July 19. Omnichannel expected to bring in approximately $207 million into the insurance deal from its current trust alongside a $80 million PIPE at $10 per share. But, the deal was short lived as it was terminated earlier this year on January 26, 2022.

At that time, Omnichannel cited unfavorable market conditions as the cause of the mutual termination, but hoped to turn back to the work of meeting with targets who would be able to benefit from their team of consumer founders and operators.