Cohn Robbins Holdings’ units will be delisted from the NYSE after the SPAC fell below the minimum $40 million market cap to trade on the exchange. The SPAC in an 8-K filing said it will trade on the OTC.
Cohn Robbins terminated a deal in September with Allwyn, Europe’s largest lottery operator, by mutual agreement. The decision to terminate came about two weeks after the SPAC’s shareholders had approved the deal. Cohn Robbins then sought an extension until December to close the transaction, however, 91% of its shares were redeemed in connection with that vote.
At announcement in January, Cohn Robbins had $828 million of cash in trust and a $350 million PIPE to support the Allwyn deal, which was valued at $9.3 billion. The SPAC had also secured a $260 million backstop against redemptions. Read more.
