Accretion Acquisition (NASDAQ: ENER) announced that its board has determined not to proceed with a shareholder meeting to vote today on a deadline extension and will, instead, redeem stock and dissolve. Trading ends Dec. 22.
Shafres will be redeemed by Dec. 26, the SPAC said. A per-share amount was not included in the announcement.
The SPAC last month cancelled a letter of intent for a possible merger with New Era Helium.
Accretion raised $180 million in an October 2021 IPO to target the energy value chain, although redemptions in April this year removed 88% of the trust on an extension vote. Read more.
