Magnum Opus Acquisition in a regulatory filing today said it will redeem all outstanding shares effective at the close of business Feb. 8 because it will not complete a business combination by its Jan. 25 deadline.
The per-share redemption price will be approximately $10.81, before payment of taxes and dissolution expenses, according to the filing.
The SPAC at one time had a merger agreement with Asia Innovations Group, which operates a platform designed for mobile devices across social, mobile gaming, e-commerce, and payments.
Redemptions on an extension vote last year wiped out nearly half the SPAC’s cash in trust. Read more.
