Alpine Acquisition Abandons Two Bit Circus Deal, Will Liquidate Instead

After adjourning four shareholder meetings in the last month to delay a merger vote, Alpine Acquisition in an 8-K filing disclosed that it will instead redeem shares and dissolve.

The SPAC had a deal in hand with Los Angeles-based Two Bit Circus, an operator of what it calls micro amusment parks, as well as an agreement to buy two hotels for renovation and eventual use by Two Bit Circus.

A vote on the deal had been planned for today after the SPAC adjourned a meeting Tuesday.

Alpine’s merger agreement with Two Bit Circus was announced last May. The deal had been tweaked several times since then, with the latest iteration calling for the target to receive about $47 million.

Alpine was also set to acquire the two hotels from affiliates of Atrium Hospitality. Those facilities, in Denver, CO, and Stamford, CT were to be sold for $65 million in cash and stock.

The SPAC raised $107 million in a September 2021 IPO. Read more.

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