Motive Capital II, which has been searching for a merger partner since December 2021, said today it will redeem shares and shut down effective June 9, being unable to meet its deadline.
The per-share redemption price will be approximately $10.50, according to a press release. The balance of the SPAC’s trust as of May 19 was $358,654,367.75, which includes approximately $10,452,438.95 in interest income.
The SPAC is led by Chairman, CEO and Director Rob Heyvaert, who is also chairman and director of Motive Capital I. He is managing partner of Motive Partners, which he founded in 2017.
Motive II raised $300 million in its IPO. The SPAC was targeting the fintech subsectors of Banking & Payments, Capital Markets, Data & Analytics, Insurance and Investment Management. Read more.
