The Music Acquisition in a preliminary proxy today revealed it will ask shareholders to approve an early liquidation by vote to be held in November. The SPAc’s current termination date is February.
Management in the proxy said it was unlikely they could complete a deal by the termination date. Further, the SPAC will work to liquidate early to dodge the
Management in the proxy said it was unlikely they could complete a deal by the termination date. Further, the SPAC will work to liquidate early to dodge the 1% excise tax on stock repurchases that goes into effect in the New Year under the Inflation Reduction Act of 2022.
The SPAC raised $200 milion in a February 2020 IPO with plans to focus on companies with music content and new business models driven by technological innovation, social interaction, and consumer connectivity. Read more.
