The SPAC anticipates that the public shares will cease trading as of the close of business on September 16, 2022, and will redeem all of its outstanding shares effective as of the close of business on September 19. Shareholders shortly thereafter are anticipated to receive $10.01 per share.
Equity Distribution, which priced an upsized IPO of $360 million nearly two years ago in September 2020, intended to find a target valued between $1 billion and $1.5 billion in the industrial technology space, but said that it was unable to find a business aligned with its goals.
Equity Distribution marks the 16th SPAC liquidation so far in 2022, and the 4th in August thus far. The tech-focused SPAC was led by Chairman Sam Zell, CEO and Director Bill Galvin, CFO Philip Tinkler, and Secretary Joseph Miron.