Financial Strategies Acquisition filed for Chapter 11 bankruptcy protection this week, nearly a year after redemptions on an extension vote wiped out 97% of its trust. Two months later, in February this year, the SPAC announced a merger agreement with Austin Biosciences at a $166.3 million valuation.
The SPAC cited noncontingent liquidated debts (excluding debts owed to insiders or affiliates) of less than $7.5 million.
Financial Strategies Acquisition raised $87.5 million in an IPO nearly two years ago. Read more.
