G3 VRM Acquisition in an 8-K filing today said it will liquidate July 6 due to its inability to complete a merger within its deadline. Redemptions at a per-share price of approximately $10.15 are expected to be completed within 10 days thereafter.
VerifyMe said it and the other co-sponsors of the SPAC agreed to shut down the blank-check firm rather than put more money into it to extend a merger deadline.
G3 VRM raised $100 million in an IPO a year ago. At the time, the SPAC said it would target companies within the technology and business services industry, with an enterprise value of approximately $250 million to $500 million.
G3 VRM is led by CEO and Chairman Matthew Konkle, who is senior managing director and head of industry teams for G2 Capital Advisors. Read more.
