The SPAC’s shares will cease trading as of the open on October 20. Turmeric will hold on to up to $100,000 of accrued interest to pay for dissolution expenses.
Turmeric originally raised $97.8 million in its October 2020 IPO and endeavored to combine with an “off-the-radar” life sciences company with promising drug candidates for oncology or rare diseases. This has been a particularly tricky field for SPACs seeking to achieve near-term returns in recent years.
Of the 33 drug discovery or development biotech companies that have completed SPAC transactions dating back to May 2019, only one closed Friday above $10 – Immatics Biotechnologies (NASDAQ:IMTX). It completed its combination with ARYA Sciences I in June 2020.
Turmeric becomes the 35th SPAC to announce its intention to liquidate in 2022, 28 of which have already completed their liquidations.