Latest SPAC Liquidations: SPK, Macondray I, Powered Brands
SPK Acquisition Corp. (SPK) Terminates Varian Bio Deal and Will Liquidate December 29
SPK Acquisition Corp. (NASDAQ:SPK) announced in an 8-K this morning that it has terminated its combination agreement with Varian Bio and will instead liquidate on December 29. The SPAC did not make a required $50,000 contribution to trust on December 10 to extend its transaction deadline and on December 21 gave notice that it would terminate the merger, citing breaches by Varian of one or more of the deal’s terms.
Without the extension payment, SPK was required to liquidate as soon as practicable. It has not yet released an official redemption rate, but it is estimated to have $10.41 per share in its trust.READ
Macondray Capital Acquisition Corp. I (DRAY) to Liquidate January 6
Macondray Capital Acquisition Corp. I (NASDAQ:DRAY) announced today that, because the Company will not consummate an initial business combination within the time period required. It therefore intends to liquidate and dissolve effective as of the close of business on January 6, 2023, and will redeem all of the outstanding Class A ordinary shares that were included in the units issued in its initial public offering at an anticipated per-share redemption price of approximately $10.00.READ
Powered Brands (POW) Will Redeem Public Shares Beginning January 12
Powered Brands (NASDAQ:POW) today announced that it will redeem all of its outstanding Class A ordinary shares, par value $0.0001 per share effective as of the close of business on January 12, 2023, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association.
The per-share redemption price for the public shares will be approximately $10.12 and Powered Brands expects to retain $100,000 of the interest and dividend income from the Trust Account to pay dissolution expenses.READ