Natural Order Acquisition announced that, due to its inability to complete an initial business combination within deadline, it intends to redeem all outstanding shares at a per-share redemption price of approximately $10.07 and then liquidate.
Since completing a November 2020 IPO with a raise of $236.56 million, management said it evaluated more than 75 companies, and issued several LOIs. The SPAC was targeting companies focused on technologies and products related to plant-based food and beverages, alternative protein, and other alternatives to animal products.
“Ultimately, the company was not able to complete a transaction due to (a) the changing regulatory landscape around SPACs, (b) disconnect on valuations, and (c) volatility in capital markets and in deSPAC transactions, which dissuaded good companies from accessing the markets,” Natural Order said in a statement.
Public shares, units and warrants will cease trading on the Nasdaq on Nov. 10. As of the close of business Nov. 14, shares will be cancelled. Read more.
