SCVX Corp. announced that it will redeem all of its outstanding Class A ordinary shares effective as of Aug. 11 and unwind, as the SPAC will not complete a merger within the time period required.
SCVX held a shareholder meeting yesterday when investors were expected to vote on whether to extend the merger deadline into April next year, but the board of directors adjourned the meeting without conducting any business, then announced plans to liquidate.
The per-share redemption price is expected to be $10.03.
SCVX, which was delisted in March from the NYSE and is now on the OTC Markets, said in June it was in advanced negotiations with a potential acquisition target.
Last December, the SPAC terminated a deal with Bright Machines, citing market conditions and “the low likelihood” of closing the deal by the requisite date. Read more.
