Edify Acquisition in an 8-K today said it has called off a merger with Unique Logistics by mutual agreement. The filing did not disclose a reason. Unique Logistics is a global logistics and freight forwarding company. The deal was announced in December 2022.
Edify shareholders January approved a six-month extension to complete the deal. The SPAC said 67,766 shares were redeemed ahead of the vote.
Edify raised $276 million in a January 2021 IPO with plans at the time to target businesses in education, edtech, workforce development, and HCM sectors in the United States. Redemptions since the float have taken a big bite out of the trust.
The SPAC last October said it converted 6.9 million sponsor shares into a like number of Class A shares. That boosted the total shares outstanding to 7,890,429
Meanwhile, facing delisting from the Nasdaq, the SPAC has asked the exchange for more time to complete a deal, having exceeded the 36-month limit. Read more.
