Dubai-based investment bank Shuaa Capital is liquidating its Nasdaq-listed $100 million SPAC amid uncertain market conditions, reports UAE-based National News. A similar notice has yet to be filed with the SEC.
The company’s board has approved the liquidation of the SPAC vehicle set up last year, Shuaa said in a regulatory filing on Monday to the Dubai Financial Market, where its shares are also traded.
Shuaa has decided “not to proceed further with finding a target entity considering current market conditions,” it said.
Shuaa Partners I was listed on the Nasdaq in March 2022 as the first of three SPACs planned by the investment bank. Read more.