Swiftmerge Acquisition in a regulatory filing said shareholders redeemed 20,553,090 shares at $10.39 each ahead of an extension vote scheduled today. The proposal, if approved, would push the SPAC’s completion deadline from June 17 to March 15, 2024.
The SPAC held about $225 million in trust as of April, when the SPAC signed an LOI with HDL Therapeutics, a privately held commercial stage biotech company. Based on that amount, redemptions erased about 95% of the trust.
Swiftmerge raised $200 million in a December 2021 IPO “to pursue opportunities targeting disruptive consumer companies utilizing technology and the internet to evolve the way that consumers interact with the market.”
The company is sponsored by Swiftmerge Holdings, an affiliate of IVEST Consumer Partners. Swiftmerge intends to pursue opportunities targeting disruptive consumer companies utilizing technology and the internet to evolve the way that consumers interact with the market.
The SPAC said redemption reversals can be made until June 19. Read more.
