First Reserve Sustainable Growth announced that it will redeem shares and shut down effective at the close of business March 10, as the company will not complete a deal within deadline.
The per-share redemption price will be approximately $10.16. Funds in the trust, including any interest, will not be used to pay for any excise tax imposed under the Inflation Reduction Act of 2022, the SPAC said.
The SPAC raised $200 million in an IPO two years ago. First Reserve in March 2022 terminated a $675M deal with EO Charging, citing unfavorable market conditions. Read more.
