Global Partner Acquisition II said its board has decided not to extend the termination date by another month, and so the SPAC will redeem shares and shut down.
The per-share redemption price will be approximately $10.84 and the process is expected to be completed by Sept. 29.
The SPAC in January announced a change in sponsor control under which Endurance Global Partner II was to loan the sponsor up to $3 million in cash. The SPAC’s sponsor would then issue an unspecificed amount of equity securities to Endurance. As part of that agreement, control of the sponsor was transferred to affiliates of Antarctica Capital Partners.
The SPAC’s new CEO, Chandra R. Patel, is the founder of Antarctica Capital and has served as the managing partner of Antarctica Capital since 2010.
A deadline extension approved early this year prompted redemptions that wiped out approximately $265 million in the SPAC’s trust, or close to 87%.
The SPAC in its January 2021 IPO filing said it would focus on acquiring a technology-driven business in consumer, e-commerce, and retail disruption. Read more.
