Pontem Corporation today said it will redeem shares and shut down effective May 30.
The Woodlands, TX-based SPAC said it will not be able to close a deal by its deadline. Shares will stop trading at the market close May 26.
The per-share redemption price will be approximately $10.32, according to the announcement. The balance in trust as of May 12 was almost $262 million.
Pontem in January said it it had signed a non-binding letter of intent for a potential business combination with a target company operating a multinational industrial technology business. The company was never identified. Pontem said at the time it had teamed up with an affiliate of a premier alternative asset manager to support the transaction, which the SPAC said would increase transaction certainty.
Pontem raised $690 million in a January 2021 IPO although redemptions have eaten away at the trust over the last two years. Read more.
