Merger Termination

The news release announcing the deal termination did not disclose the SPAC's plans going forward. Redball's deal deadline is Aug. 22.

The news comes amid a downturn in sentiment for blank-check deals as regulatory scrutiny of SPACs tightens.

No reason was given for the breakup.

CHP said it would liquidate and return shareholders' money.

Over the last year Alberton has received at least two shareholder and two Nasdaq deadline extensions to close the transaction, which was originally announced in October 2020.

MDH Acquisition Executive Chairman Franklin McLarty said the SPAC would press on in pursuit of another target.

Unfavorable market conditions were cited as the cause of the breakup.

The prospect of completing the deal seemed in doubt after last Friday's deadline expired without either side making a statement.

Homebuying startup Knock is scrapping plans to go public and laying off nearly half its staff after a tumultuous year for property technology companies.

Announced last August, the deal was expected to put over $430 million of cash on the combined company’s balance sheet.