Global Synergy Acquisition Corp. (NASDAQ:GSAQ) announced this afternoon that it will be redeeming all outstanding shares and liquidating its trust.
Following the close of business on July 26, public shares will be cancelled and will represent only the right to receive the redemption amount of $10.01.
Global Synergy had 18 months on its clock from when it IPO’d in January 2021, but had the ability to further extend its deadline six months by contributing funds to trust. The SPAC originally intended to seek out targets focused on sectors such as IT Services and Business Process Outsourcing (BPO), or collectively defined as Technology Services or IT Enabled Services (“ITES”).
As of June 30, Global Synergy had approximately $259,003,069 in its trust account, which includes approximately $253,069 in interest and dividend income (excess of cash over $258,750,000, the funds deposited into the account). In accordance with the terms of the related trust agreement, the SPAC expects to retain $100,000 of the interest and dividend income from the trust to pay dissolution expenses.
Global Synergy is the tenth SPAC to announce it would liquidate this year, and the second this week following Pershing Square Tontine Holdings (NASDAQ:PTSH). Global Synergy is led by Chairman and Director Hank Uberoi and President, Co-CEO and Director Alok Oberoi. Suresh Vaswani joins Mr. Oberoi as Co-CEO and Director.