Lefteris Acquisition Corp. (NASDAQ:LFTR) announced this afternoon that due to its inability to complete a business combination, it intends to dissolve and liquidate its trust.
As of the close of business on October 24, the SPAC’s shares will be cancelled and the outstanding shares will be redeemed for shareholders at a per-share redemption price of approximately $10.06. The redemption of the public shares is expected to be completed within ten business days after October 23.
Similar to many SPACs that have recently liquidated their trust, Lefteris also felt the pressure from unfavorable market conditions. Jon Isaacson, CEO and CFO of Lefteris, noted that the current market turmoil made it difficult to lock in a deal with a target that would provide a “high degree of confidence that would grow in value once public.” The SPAC’s Vice Chairman and former CEO Karl Roessner expanded on this by stating that the team identified hundreds of potential business combination partners, but were unable to come to an agreement that would benefit its shareholders. The team now hopes to “take the route that returns value in a market that values cash.”
Lefteris originally announced the pricing of its downsized $200 million IPO in October 2020 and hoped to combine with a fintech company valued between $600 million and $1.3 billion with artificial intelligence and other process automation features. Lefteris is now the 36th SPAC to announce its intention to liquidate in 2022, 28 of which have already completed their liquidations.
At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...
RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...
AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...
At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...
Global Technology I (NASDAQ:GTAC) has entered into a definitive agreement to combine with art marketplace Tyfon at an enterprise value of $434 million, or 12.7x its $34 million 2023 EBITDA. Suzhou, China-based Tyfon operates as a dealer of Chinese contemporary art, selling pieces online and through traditional exhibition methods. The combined company is expected to...