Cascadia Acquisition in an 8-K said because it will not complete a deal by deadline, management has determined to redeem the stock and dissolve effective Aug. 31.
The per-share redemption price for the public shares will be approximately $12.34, according to the filing.
Cascadia was dealt a number of setbacks this year, facing a Nasdaq delisting in May for falling below the minimum market cap for listing on the exchange. This followed termination in April of a deal with RealWear, a hands-free wearable tablet company that provides assisted-reality solutions for industrial use.
The SPAC lost 78% of its trust value ahead of an extension vote in February.
Cascadia raised $150 million in an IPO two years ago. Read more.
