SILVERspac in an 8-K said because it did not complete a deal by its Sept. 14 deadline it will redeem shares and liquidate, effective no later than Sept. 28.
Based upon the amount held in trust as of June 30, which was $259,242,677, the company estimates that the per-share redemption amount will be approximately $10.37.
The SPAC raised $250 million in an IPO two years ago to focus on businesses that provide technology and innovation solutions to the real estate and financial services industries and the industries supporting them. SILVERspac never announced a deal.
SILVERspac is led by CEO Charles Federman, who co-founded Silvertech Ventures in 2015 and serves as a managing member. Federman has been a venture capital investor individually and through the funds he has managed for over 20 years. Read more.
