: North Atlantic SPAC to dissolve after inability to find merger partner within 2-year deadline
North Atlantic Acquisition Corp. NAAC, a special purpose acquisition company (SPAC), or blank-check company, said Wednesday that it will dissolve and liquidate, after failing to find a merger partner within the two-year deadline. The SPAC, with a market capitalization of $480.5 million at Tuesday’s stock closing price of $10.13, said it will redeem all of the outstanding shares included in the initial public offering (IPO) filed in January 2021, at a per-share redemption price of $10.13. As a result, the SPAC said its shareholder meeting scheduled for 4 p.m. Eastern on Wednesday has been canceled. The stock, which was unchanged in premarket trading, has gained 3.0% over the past 12 months, while the Renaissance IPO ETF IPO has tumbled 37.4% and the S&P 500 SPX has declined 7.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.