G&P Acquisition today announced that it will redeem all of its outstanding shares effective Nov. 30 because it will not complete a merger within deadline.
“Consistent with the disciplined, investor-centric focus of G&P, we made the prudent decision to proceed with a liquidation because we believe doing so is in the best interest of shareholders,” said Brendan O’Donnell, CEO. “We met with many strong companies over the last year and a half and signed an LOI on a very promising transaction. However, current market dynamics, enacted and pending changes in the regulatory environment, and unrealistic pricing expectations persuaded us that the prudent decision was to return to shareholders the capital held in trust, with interest, on our original timeline rather than seek a further extension.”
The NYSE delisted the SPAC’s warrants last month.
G&P raised $175 million in a March 2021 IPO to target investment opportunities in the food and beverage, consumer goods, automotive and hospitality sectors. Read more.
