PWP Forward Acquisition I filed a preliminary proxy asking stockholder approval to allow the SPAC to redeem all outstanding shares and liquidate before Dec. 31. PWP’s automatic termination date is currently March 12, 2023.
Since the SPAC’s Nasdaq listing in March 2021, the company’s leadership said it conducted a thorough search for the right target and evaluated a number of companies with the goal to complete an initial business combination that met its investment criteria. However, current adverse market conditions, including a limited pool of public company-ready merger partners and their diminished interest in pursuing a public listing via a SPAC, the overall decline in the SPAC market, high redemption rates, increased regulatory uncertainty and the evaporation of the PIPE market were contributing factors in the decision to dissolve early.
Funds in trust stand at about $212.9 million. The per-share redemption price is expected to be $10.03 (net of taxes payable).
The SPAC in its initial mission statement said it would focus on enhancing access to public financing for companies that are founded by, led by or enrich the lives of women. Read more.
