Mallard Acquisition announced today that, due to its inability to consummate an initial business combination within the required time period, the SPAC intends to dissolve and liquidate, starting tomorrow.
As of the close of business on April 29, Mallard’s public shares will be deemed cancelled and will represent only the right to receive the redemption amount of $10.10 per share. Warrants will be worthless.
The SPAC had been targeting industrial and manufacturing sectors, following a November 2020 IPO.
The SPAC is also on notice by the Nasdaq for failute to file a timely 10-K at the end of December.
Although Mallard stockholders on April 25 approved a deadline extension that would have given the SPAC room to operate until July 29, management in a regulatory filing said redemptions in connection with that vote wiped out $86.3 million of the SPAC’s $110 million in trust, leaving a little less than $24 million.
That was evidently enough for Mallard to throw in the towel, opting for liquidation over a merger extension. Read more.
