XPAC Acquisition in a proxy filing seeks shareholder approval to accelerate the date by which it must cease all operations. The current deadline is Aug. 3 and the SPAC wants a greenlight from investors to wind up and redeem shares at an earlier, unspecified date.
The blank-check company last week hinted that liquidation was on the horizon after disclosing that former merger partner SuperBac was terminating a deal with XPAC. The decision was based on multiple factors, according to the filing, including unfavorable market conditions and trends in share price performance of recent de-SPAC companies.
XPAC raised $200 million in an August 2021 IPO. Read more.
