Commerce SPAC Omnichannel Acquisition Announces Redemption Following No Business Combination Deal

Special purpose acquisition company Omnichannel Acquisition Corp. (NYSE: OCA) announced that it will redeem all its outstanding shares as it looks to cease operations. This follows after it has failed to consummate an initial business combination within the prescribed period.

The blank check firm looks at June 1, 2022, as its last trading day on the New York Stock Exchange. All outstanding shares will be redeemed at US$10.00 per share, covering around 20.65 million shares for a total of US$206.5 million.

This will be satisfied by the firm’s trust account, which stands at US$206,541,294, including the approximately US$41,294 in interest and dividend income.

The initial stockholders have waived their rights to redemption. The firm says there will be no redemption rights or liquidating distributions with respect to the warrants.

The company completed its US$250 million IPO in November 2020. According to its prospectus, the firm intended to focus its search for business combinations within “omnichannel” businesses — technology-enabled cross-channel retail and consumer services — in North America with enterprise values from US$1 billion to US$2.5 billion.

Omnichannel Acquisition last traded at US$9.99 on the NYSE.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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