North Atlantic Acquisition Warns it May Liquidate

It looks increasingly likely that the $400 million Irish-backed North Atlantic Acquisition will have to hand back its cash pile to shareholders as it nears crunch time for consummating a takeover deal, Independent.ie reports.

North Atlantic Acquisition floated on the Nasdaq in January last year. NAAC has warned investors in a quarterly update that it’s “uncertain” that it will be able to complete a deal by January 26. Under its structure, it has until then to do so or else must return the money to shareholders within 10 days of that date.

It raised $383m in January last year. 

North Atlantic in July terminated a merger agreement with TeleSign, saying at the time that it intended to seek an alternative business combination. Read more.

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