It looks increasingly likely that the $400 million Irish-backed North Atlantic Acquisition will have to hand back its cash pile to shareholders as it nears crunch time for consummating a takeover deal, Independent.ie reports.
North Atlantic Acquisition floated on the Nasdaq in January last year. NAAC has warned investors in a quarterly update that it’s “uncertain” that it will be able to complete a deal by January 26. Under its structure, it has until then to do so or else must return the money to shareholders within 10 days of that date.
It raised $383m in January last year.
North Atlantic in July terminated a merger agreement with TeleSign, saying at the time that it intended to seek an alternative business combination. Read more.
