Avanti Acquisition today announced that its board has determined to redeem all Class A ordinary shares effective as of Oct. 20, because the SPAC will not complete a merger within the required time period.
The per-share redemption price is expected to be approximately $10.06. Avanti anticipates that the Class A shares will cease trading today.
The SPAC raised $500 million in an October 2020 IPO with a goal of targeting a variety of businesses across Europe.
The SPAC is sponsored by Avanti Acquisition SCSp, an affiliate of NNS Group, the private single family office of Nassef Sawiris and Sienna Capital, a subsidiary of Groupe Bruxelles Lambert. Read more.
Avanti
