Fusion Acquisition II announced that its board has determined to redeem all outstanding shares, effective Dec. 28 because the SPAC will not complete a deal by its deadline.
The per-share redemption price will be approximately $10.67 (after taking into account the removal of a portion of the accrued interest in the trust account to pay taxes and $100,000 for dissolution expenses).
In October the NYSE suspended trading in the SPAC’s stock and began delisting procedures. Fusion II had fallen out of compliance with a continued listing standard requiring an average aggregate global market capitalization of at least $40 million.
Fusion II shareholders in September approved extending the completion deadline to March 2, 2024, however, redemptions of 2,280,576 shares removed approximately $24.2 million from the trust, leaving about $23.3 million.
The SPAC in August announced it had signed a non-binding letter of intent for a business combination with Hyperloop Transportation Technologies. Read more.
