SCVX Corp. (SCVX) to Liquidate Trust

SCVX Corp. (NYSE:SCVX) announced this afternoon that it will be redeeming all outstanding shares and liquidating its trust, effective as of August 11, 2022.

SCVX originally had 24 months on its transaction timeline to complete a business combination. It raised $200 million at IPO in January 2020, and extend its timeline six months, however, it will now cease all operations except for the purpose of winding up. SCVX had originally planned to combine with businesses in the cybersecurity industry globally, with enterprise valuations in the range of $600 million to $1.5 billion.

The liquidation comes just a few months after SCVX cancelled its non-binding LOI with an unnamed target that was focused on ESG. As part of the previous announcement in January, it was revealed that the SPAC had already sourced $75 million in PIPE indications from an institutional investor and certain strategic partners. Nonetheless, SCVX terminated the agreement in March and stated at that time that it was, “currently exploring alternative options for consummating a business combination.”

The SPAC had previously scheduled an extraordinary general meeting of shareholders for today to vote on a proposal to extend the timeline which it may consummate an initial business combination; however, no business was conducted at this meeting. SCVX will begin the process of redeeming its shares and returning capital back to its investors shortly for an expected redemption amount of $10.03.

SCVX is the twelfth SPAC to announce it would liquidate this year, and was led by Michael Doniger, in partnership with Hudson Bay, as Chief Executive Officer and Chairman, and Hank Thomas, of Strategic Cyber Ventures, as Chief Technology Officer and Director.  Chris Ahearn served as Chief Financial Officer and Secretary.