Shuaa to Liquidate $100M SPAC Amid ‘Market Uncertainty’

Shuaa Capital

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.

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