Atlantic Avenue (NYSE:ASAQ) has announced that it will cancel its special meeting scheduled for 10 am this morning to extend its transaction deadline and will instead liquidate, redeeming all shares at $10.03 per share.
The SPAC expects to complete the dispersal of trust funds within 10 days following October 6. This date is the SPAC’s current transaction deadline and the Atlantic Avenue team was seeking to extend that deadline on a monthly basis up to six times to April 6, 2023. But, even six more months may have proven too short to complete a deal.
Atlantic Avenue raised $250 million IPO in its October 2020 and intended to combine with a target “in an industry undergoing secular change through a meaningful technological transformation“, which is also the profile of companies that the current market conditions have turned away from in recent months.
It now becomes the 33rd SPAC to announce its intention to liquidate in 2022.
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