KnightSwan Acquisition said its board has determined to redeem all outstanding shares because the SPAC will not close a business combination by deadline.
A previously disclosed non-binding letter of intent with a potential merger partner has been terminated.
Redemptions ahead of a successful extension vote in July left approximately $49.2 million in trust. The SPAC raised $230 million in a January 2022 IPO to focus on businesses at the leading edge of technological innovation in three key sectors: cloud, cybersecurity, and mission intelligence.
The per-share redemption price will be approximately $10.61. Trading on the NYSE will end Dec. 5. Read more.
