Schorsch SPAC fails to get off the ground
November 17, 2022 | Bruce Kelley | InvestmentNews.com
The Nicholas Schorsch-backed SPAC — the leisure business-focused G&P Acquisition Corp. — failed to make an acquisition before its Nov. 15 deadline, requiring the company to liquidate and redeem its shares, according to an announcement by the company Tuesday.
The inability of G&P Acquisition, a special purpose acquisition company, to launch comes after the NYSE said earlier this month that it was delisting the company’s warrants, which were to be used to acquire shares of Class A common stock in the company, because of extremely low pricing.
The per-share redemption price for the public shares will be approximately $10.17, the company said. The last day that the company’s securities traded on the New York Stock Exchange was Tuesday. At the end of the month, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount.
It’s typical for SPACs to redeem shares and return money to shareholders if they don’t make an acquisition before a stated deadline once they list. G&P Acquisition began trading in May 2021.
