Following the close of business on July 6, public shares will be cancelled and will represent only the right to receive the redemption amount of $10.15, at which time the G3 VRM anticipates that its securities will cease trading on The Nasdaq. The SPAC will begin the process of redeeming its common stock and returning capital back to its investors within ten business days following the close of July 6.
And similar to most SPACs we’ve seen, G3 VRM had 12 months on its timeline in order to seek out a business combination, but had the ability to extend up to 6 months, which it decided against. G3 VRM initially raised $100 million at IPO last summer on June 30, 2021, with the intentions of combining with a target in the technology industry, such as software, with an enterprise value of approximately $250 million to $500 million. G3 VRM is led by Chairman and CEO Matt Konkle, and CFO Don Van der Wiel.
G3 VRM is the ninth SPAC to announce it would liquidate this year, but these numbers do not come as a surprise given the backdrop of market turmoil paired with the current challenges in the SPAC market.