Financials Acquisition today said it has appointed a liquidator and will refund creditors after a Lloyd’s of London insurance merger collapsed.
The SPAC unveiled plans earlier this year to combine with London Innovation Underwriters and raise additional funds to deploy in the Lloyd’s of London insurance market. It had sought to raise up to 300 million pounds ($364.7 million) to invest. The merger was scrapped last week.
The SPAC had until Dec. 31 to complete a deal.
Financials Acquisition raised £150 million from an April 2022 IPO. However, £130 million of shareholder capital was redeemed ahead of an extension vote in July. Read more.
