Churchill Capital V announced that its board has determined to redeem all outstanding shares and cease operations because gthe SPAc will not complete a merger by deadline.
The SPAC early this year signed a letter of intent with Sustainable Living Innovations, a building-technology company and provider of patented panelized building systems for the multifamily residential market. However, a definitive agreement never materialized.
Trading in the SPAC’s sharees will cease at the close of business Oct. 16.
The per-share redemption price will be approximately $10.40, according to a press release announcing the SPAC’s liquidation.
The SPAC raised $450 million in a December 2020 IPO.
Churchill founder Michael Klein is a prolific sponsor of SPACs, having launched several blank-check firms during the pandemic-era boom. One of his SPACs took electric-vehicle company Lucid Group public in one of the biggest deals ever. Read more.
