D and Z Media Acquisition today announced that it will redeem outstanding shares and liquidate, effective at the close of business Feb. 7. The company’s sponsor has decided it will not make the previously announced additional contribution to the trust account required on Jan. 28.
The SPAC’s termination deadline had been pushed back from Jan. 28 to Oct. 31, however, each month of the extension required a deposit of $80,000 into trust.
D and Z raised $250 million in a January 2021 IPO. Led by former NYSE executive Betty Liu, the SPAC’s focus was on media, education technology, or ed-tech, and other related industries. Read more.