Signal Hill Acquisition said it does not expect to complete a deal by deadline and so will liquidate effective May 26.
The SPAC raised $100 million in February 2022 with plans to target direct-to-consumer media, technology, or emerging digital enterprise focused businesses.
The redemption price is expected to be $10.43 per share.
“Current market conditions have convinced us that the best way to deliver on our promise to stockholders is to return the capital held in trust,” said CEO Jonathan Bond. “We worked tirelessly to bring our shareholders value as we identified numerous potential business combination partners and met with many mission-aligned companies regarding potential transactions. Ultimately, however, we were unable reach a deal with a target company that we were confident would result in a successful business combination.” Read more.
