Empowerment & Inclusion Capital I Corp. (NYSE: EPWR) announced this afternoon that it will liquidate its trust due to its inability to complete a business combination.
The company expects its public shares to stop trading on the NYSE as of the close of business on December 13. The following day, the shares will be deemed cancelled and will represent only the right to receive the redemption amount of approximately $10.09 per share.
The SPAC announced its upsized $240 million IPO in January 2021 and had 24 months on its clock to complete a business combination with a diverse-led business or a business focused on promoting an inclusive economy and society. Empowerment & Inclusion was led by Chairman and CEO Harold Ford Jr. alongside CFO and Secretary Virginia Henkels.
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