Special purpose acquisition company Cascade Acquisition Corp. (NYSE: CAS) announced its intention to dissolve and liquidate the firm. This follows after it has failed to consummate an initial business combination within the prescribed period.
The blank check firm looks at May 24, 2022 as its last trading day on the New York Stock Exchange. All outstanding shares will be redeemed at approximately US$10.10 per share, the process of which is expected to be completed ten days after the last day.
The initial stockholders have waived their rights to redemption. The firm, which also saw its units separate into stocks and warrants in January 2021, says there will be no redemption rights or liquidating distributions with respect to the warrants.
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The company completed its US$200 million IPO in November 2020. According to its prospectus, the firm intended to focus its search for business combinations within the financial services industry.
Cascade Acquisition last traded at US$10.09 on the NYSE.
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