GO Acquisition in a regulatory filing said it has informed shareholders that it will no longer pursue a merger and will instead liquidate.
Share redemptions are expected to begin within 10 days after Aug. 7.
“We evaluated more than 100 companies and engaged in management discussions with a meaningful number of them,” the shareholder letter states. “These businesses spanned the travel sector, including cruise lines, infrastructure, lodging and hospitality, private aviation, travel and expense management, travel distribution and travel technology, among others, and were located in North America, Europe and Asia.”
Advanced discussions were held with seven of the companies.
Contributing factors in the decision to liquidate included the impact of the pandemic, current challenges in the SPAC market and what GO Acquisition called “the evaporation of the PIPE market” as well as increasing redemptions seen in other SPAC deals.
GO raised $500 million in an IPO last August. The SPAC was focused on travel businesses in North America and Europe. Read more.
