Equity Distribution Acquisition announced it intends to dissolve and liquidate, as it “did not find an opportunity within the period required by its amended and restated certificate of incorporation.” EDAC will redeem all of its outstanding shares effective at the close of business Sept. 19. Net of taxes, the redemption price is expected to be $10.01 per share. Warrants expire worthless.
Equity Distribution Acquisition is backed by billionaire Sam Zell.
The SPAC raised $360 million in a September 2020 upsized IPO. The SPAC was targeting North American industrial tech companies with an enterprise valuation of $1 billion to $1.5 billion. Read more.
