The Latest Liquidations: May 4, 2023

Latest SPAC Liquidations: VMG Consumer, Evo, Banner, and XPAC

VMG Consumer Acquisition Corp. (VMGA) to Liquidate on May 15

VMG Consumer Acquisition Corp. (NASDAQ:VMGA) today announced that it has cancelled its special meeting of stockholders and intends to dissolve and liquidate, effective as of the close of business on May 15, 2023. It will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering, at a per-share redemption price of approximately $10.40.

Evo Acquisition Corp. (EVOJ) to Liquidate on May 8

Evo Acquisition Corp. (Nasdaq: EVOJ) announced, announced today that it intends to liquidate as soon as practicable on or after May 8, and to return funds to holders of its shares of Class A common stock.

In view of the previously announced termination of Evo’s Business Combination Agreement with 20Cube Logistics Pte. Ltd. and certain other parties, the Board of Directors of Evo has determined not to further extend the deadline date in which Evo is required to consummate a business combination beyond the current expiration date, May 8, 2023.

After satisfying its liabilities for expenses and working capital loans, Evo expects to redeem all of its outstanding shares of Class A common stock for an estimated redemption price of approximately $10.12 per share after the payment of taxes and dissolution expenses. On or about the close of business on May 9, the Class A common stock will be deemed canceled and will represent only the right to receive the redemption amount.

Banner Acquisition Corp. (BNNR) to Liquidate on May 16

Banner Acquisition Corp. (NASDAQ: BNNR) today announced that it will redeem all of its outstanding shares of Class A common stock, effective as of the close of business on or around May 16.

The per-share redemption price for the public shares will be approximately $10.27. 

XPAC Acquisition Corp. (XPAX) Terminates Deal, Announces Possible Liquidation

On May 2, SuperBac informed XPAC (NASDAQ:XPAX) that it had decided to terminate the business combination agreement.  SuperBac disclosed that it terminated the deal for a number of reasons including the prevailing unfavorable public market conditions and trends in the share price performance of companies that have completed de-SPAC transactions, a balancing of the benefits and drawbacks of becoming a publicly traded company under current circumstances, and the fact that no PIPE investments had been entered.

In connection with the termination of the deal, the XPAC Board determined that it is very unlikely that it would able to complete an initial business combination with a target other than SuperBac before the termination date and that it is in the best interests of XPAC and its shareholders to accelerate the deadline. If the accelerated termination shareholder matters are approved, then the SPAC will liquidate.