UTA Acquisition in an 8-K said it will not complete a business combination by its deadline tomorrow and so will redeem sharews and dissolve by Sept. 20.
Based on the cash in trust as of Aug. 31, which was $245,508,929, UTA estimates that the per-share redemption amount will be approximately $10.67.
The SPAC expects shares to cease trading at the close of business Sept. 15.
UTA raised $200 million in a December 2021 IPO. The company at that time said it intends to complete a merger with a business operating in the gaming, digital media, creator economy, entertainment and technology industries.
The Nasdaq delisgted the SPAC’s warrants in July. Read more.
