Tekkorp Digital Acquisition announced that it will no longer pursue a merger deadline extension and will instead begin the process of winding down, effective Oct. 26, which is the SPAC’s original deadline.
Management in a press release said more than 50 potential targets had been considered. Persistently high valuation expectations combined with an increasingly volatile market and declining IPO market led to the conclusion that an acceptable deal could not be reached with any of the possible targets.
The SPAC in August filed a preliminary proxy seeking approval from shareholders for a nine-month extension. Tekkorp raised $150 million in a February 2021 IPO with plans to concentrate on the digital media, sports, entertainment, leisure and gaming industries. Read more.
