PMV Consumer Acquisition announced that it has elected to redeem all of its outstanding shares of Class A Common Stock, totaling 2,046,609 shares. The per-share redemption amount will be approximately $10.09.
Following the redemption, the company expects to file a Form 15 with the SEC to suspend or terminate its filing obligations. The SPAC thereafter expects to continue to pursue a wide range of business opportunities operating as a blank check shell company with its Class A Common Stock quoted on the OTC Pink market. In furtherance of potential business opportunities, PMV said it may seek to pursue a variety of capital raising initiatives.
Although shareholders last month voted in favor of a one-year extension on the SPAC’s merger deadline, redemptions claimed 88% of the cash in trust.
The SPAC raised $175 million in a 2020 IPO to target companies in the consumer industry with enterprise valuations in the range of $200 million to $3.5 billion. Read more.
