Arena Fortify Acquisition in a preliminary proxy filings seeks shareholder approval to wind up and dissolve ahead of its February 2023 deadline.
SPAC management said they are unlikely to be able to secure a merger ageement and close a deal by deadline, while also recognizing the possible imposition of a 1% excise tax on stock repurchases under the Inflation Reduction Act of 2022 if Arena Fortify were to liquidate after Dec. 31.
The SPAC raised $150 million in a November 2021 IPO with stated plans to target companies that have either recently emerged from bankruptcy court protection or will require incremental capital as part of a balance sheet restructuring within the broad natural resources industry. Read more.
