Golden Falcon Acquisition in an 8-K said it terminated a merger agreement yesterday with MNG Airlines, a freight aviation company. As a result, the SPAC said it will be unable to close a deal by its Aug. 24 deadline and so has decided to redeem shares and liquidate.
The decision to terminate the deal was mutual, according to the filing, although no reason was given.
Announced in December, the MNG Airlines transaction was expected to have a pro-forma enterprise value of $676 million, assuming minimum gross transaction proceeds of $30 million.
Golden Falcon raised $345 million in a December 2020 IPO. Read more.
