C5 Acquisition in an 8-K said it began the process of liquidating yesterday after terminating a letter of intent with a proposed merger target. The balance of the trust account as of Sept. 30 was approximately $100.7 million. More than $203 million was removed from the trust on stock redemptions ahead of the last extension in May.
C5 also disclosed that its sponsor did not make a required $235,000 deposit due on Sept. 11 for a one-month extension period — and the sponsor evidently does not intend to do so, as the SPAC noted “there can be no assurance that such amount will be collected.”
How this news will sit with investors is still unknown.
The stock will cease trading Oct. 23 on the NYSE. The per-share redemption price is expected to be $10.70.
C5 raised $250 million in a January 2022 IPO to focus on businesses at the leading edge of national security innovation in three key sectors: Space, Cybersecurity and Energy Transition.
