The Music Acquisition Corporation said it will hold a stockholders meeting Nov. 30 to vote on a proposal for liquidating the SPAC before Dec. 30. The current termination date is Feb. 5.
Management in a regulatory filing last month said it was unlikely they could seal a deal by the February deadline. The SPAC is led by Chairman and CEO Neil Jacobson, who is a 20-year veteran of the music business. Jacobson spent the majority of his career at Interscope Geffen A&M Records, a subsidiary of Universal Music Group.
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.
Most SPACs that in recent weeks have announced their intention to dissolve cited the 1% tax on stock repurchases that goes into effect in 2023 as a key factor in liquidating before the New Year. Read more.
