E.Merge Technology Acquisition Corp. (NASDAQ: ETAC) announced this afternoon that it intends to dissolve and liquidate its trust due to its inability to complete a business combination.
The SPAC anticipates that the public shares will cease trading as of the close of business on September 4, 2022, and will redeem all of its outstanding shares from its IPO for approximately $10.06 per share.
E.Merge Technology, which priced an upsized IPO of $522 million over two years ago in July 2020, which grew to $600 million with its over-allotment, intended to find a target in the software and internet technology industries. The liquidation comes as a surprise as the SPAC’s sponsor recently contributed to its trust to extend its transaction timeline from August 4, 2022 to November 4, 2022.
ETAC marks the 18th SPAC liquidation so far in 2022, and the 5th in August thus far. The tech-focused SPAC was led by Jeff Clarke, as Co-Chief Executive Officer, Chief Financial Officer and Director, and Guy Gecht, as Co-Chief Executive Officer. S. Steven Singh will be Chairman of the Board of Directors.
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