The SPAC had originally planned to hold a vote to extend its transaction deadline today, but opted to liquidate instead. All shareholders are now expected to receive the redemption amount of $10.10 per share. Shares will cease trading on June 9 and be officially cancelled on June 10.
Trepont I is the seventh SPAC to announce it would liquidate this year after just one liquidation in 2021. But, such numbers are not surprising given the large backlog of searching SPACs and the numerous sources of economic uncertainty providing headwinds to completing deals in the current market.
Trepont I initially raised $230 million in its December 2020 IPO with the aim of combining with a technology target. In addition to the SPAC market facing challenges, the broader tech sector has been hammered in the public market making such a search even more difficult in the first half of 2022.