The following SPACs disclosed in the last 24 hours their plans to shutter operations and redeem shares:
Climate Real Impact Solutions II Acquisition shareholders voted yesterday to approve an amendment allowing the SPAC to redeem all outstanding shares of Class A common stock ahead of its original Jan. 29, 2023 deal deadline. The SPAC expects to complete the redemption today at a per-share price of approximately $10.04. The SPAC raised $210 million in a January 2021 IPO to focus on companies engaged in carbon reduction initiatives that address global warming. Read more.
At the close of business Dec. 19, Crypto 1 Acquisition will liquidate and all outstanding shares will be redeemed, the SPAC said. The per-share redemption price is expected to be approximately $10.14. The SPAC raised $200 million in a December 2021 IPO.
DILA Capital Acquisition will redeem shares and dissolve at the close of business Dec. 22. The per-share redemption price for the public shares is expected to be approximately (but not less than) $10. DILA raised $50 million in a March 2021 IPO to focus on companies with significant operating technological advantage that are headquartered in Latin America, as well as businesses located in the United States which cater to the Hispanic community.
KKR Acquisition Holdings I in an 8-K filing said its board has decided to liquidate, subject to shareholder approval. A vote is set for Dec. 12, followed by a mandatory redemption date for any outstanding shares of Class A common stock on or around Dec. 23. The SPAC raised $1.2 billion in a March 2021 IPO and in January of thius year was rumored to be in negoitations with PetSmart on a potential merger. Read more.
Stockholders of Lerer Hippeau Acquisition approved an amendment to allow the SPAC to unwind and redeem all of its outstanding public shares prior to Dec. 30. The board set Dec. 14 as the amended termination date. Holders of 22,147,102 public shares of Class A common stock exercised their redemption rights at a price of approximately $10.09 per share, for an aggregate redemption amount of approximately $223.5 million. Following those redemptions, 119,083 public shares of Class A Common Stock remain outstanding. Lerer raised $200 million in a march 2021 IPO. The SPAC is sponsored by an affiliate of Lerer Hippeau, a VC firm with a portfolio of over 400 companies across the consumer and enterprise technology sectors. Read more.
Sierra Lake Acquisition in a press release said it would be unable to complete a deal by deadline and so will liquidate, instead. The per-share redemption price will be $10.12 without giving effect to any interest that may be withdrawn to pay for taxes and dissolution expenses. The SPAC raised $300 million in a September 2021 IPO with plans at the time to focus on a broad range of sectors. Read more.
Z-Work Acquisition shareholders yesterday approved an amendment to allow the company to redeem all of its outstanding shares of Class A common stock ahead of its contractual expiration date of Feb. 2, 2023.
Z-Work expects to complete the redemption today at a per-share price of approximately $10.076. The work technology-focused SPAC raised $200 million in a January 2021 IPO. Read more.
