Fellazo Inc. (FLLC), Opts to Liquidate Trust
Fellazo Inc. (FLLC), which was recently de-listed from the Nasdaq, announced this afternoon that it would be opting to liquidate its trust and wind down the company. The reason given was not due to Covid-19, but rather, Fellazo stated, “…in view of the recent determination by the Nasdaq hearing panel to delist the Company’s securities from The Nasdaq Stock Market, the Company does not believe it will be able to consummate an initial business combination within the time period required…“
Fellazo had previously provided an update via a press release whereby the Company said it was exploring various alternatives in light of the de-listing, including liquidation, so this is not a total surprise. However, Fellazo had been plagued with hiccups from the start, which started with a missed 10-Q filing and snowballing through three changes of auditors and a de-listing notice from the Nasdaq.
Nonetheless, Fellazo’s securities are currently unable to trade due to the de-listing, but the per-share redemption price for the public shares is expected to be approximately $10.14. Additionally, the redemption of the Public Shares is expected to be completed by April 17, 2020.