LF Capital Acquisition II said the directors of the company have decided to dissolve and liquidate.
The redemption amount will be approximately $10.87 per share and is expected to be completed by Oct. 3.
LF Capital II in February said it had entered into a non-binding letter of intent with a target company. The target was reportedly a US-based manufacturer in the packaging industry with a blue-chip customer base subject to multi-year contracts. Although the SPAC provided an update in June that it was still pursuing the target, a definitive merger agreement was never announced.
The SPAC raised $258.75 million in a November 2021 IPO to target companies with a disruptive business model in the financial technology or services, technology, digital asset or consumer sectors. By May 2023, redemptions had erased more than half the trust. Read more.
