Less than two months after announcing letters of intent for potential mergers with multiple targets, Banner Acquisition has opted to redeem shares and liquidate, instead. The SPAC said redemptions will begin May 16 because it will be unable to close any deal by the June 10 deadline.
The signing of the LOIs announced in March gave Banner an automatic three-month extension to the current deadline.
Banner raised $150 million in a September 2021 IPO and at that time was focused on companies in healthcare, education and business services. Read more.
