Cohn Robbins Holdings in an 8-K filing today said it will liquidate after missing a Dec. 11 deadline to complete a merger. The per-share redemption price is expected to be $10.03.
The SPAC has taken one hit after another in recent months.
Units were delisted from the NYSE in November after the SPAC fell below the minimum $40 million market cap to trade on the exchange. The SPAC pivoted to 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 this month 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.
