Ackrell SPAC Partners I said it will liquidate and redeem shares after terminating a merger agreement with Blackstone, a manufacturer of outdoor cooking products and accessories.
As previously reported, Blackstone’s parent company declined to loan Ackrell the $200,000 requested under a June promissory note for up to $600,000. As of yesterday, the SPAC had not received the loan, which was required as a deposit into its trust in order to receive another deadline extension on the merger. Ackrell received a $1.38 million loan from Blackstone in March for an earlier extension.
Share redemptions are expected to be completed within 10 business days at a price of approximately $10.38 per share, net of taxes.
The SPAC’s initial stockholders, including Ackrell SPAC Sponsors I and IPO underwriter EarlyBird Capital and their affiliates have waived their redemption rights. Read more.
