Sierra Lake Acquisition in a regulatory filing said it has terminated an agreement with its sponsor, under which the SPAC had agreed since its September 2021 IPO to pay the sponsor $10,000 per month for administrative support services until the earlier of either a merger or liquidation.
The parties also agreed to waive all fees owed by the SPAC under the agreement.
Sierra Lake raised $300 million in an IPO last year, saying it would focus on opportunities that can draw upon the management team’s strengths. Read more.
