Better World Acquisition announced today that, due to its inability to complete a deal by its deadline, the SPAC intends to liquidate and dissolve, effective at the close of business July 17.
The per-share redemption price is expected to be approximately $10.91.
Better World in May terminated a merger agreement with Heritage Distilling, but offered no reason as to why. At deal announcement in December, the ESG-focused SPAC said it would combine with the craft distiller at a pro forma enterprise value of $122.2 million.
The SPAC raised $126 million in an IPO 2 1/2 years ago, although redemptions following multiple extension votes have whittled the trust down to about $32 million. Read more.
