- Ackrell SPAC Partners I (NASDAQ:ACKIT) said Wednesday Blackstone Products unilaterally terminated its business combination with the SPAC.
- Blackstone Products declined to loan ACKIT the $200K requested pursuant to the SPAC's $600K promissory note dated Jun. 21.
- ACKIT did not receive the $200K required to extend the deadline for the merger to beyond Aug. 23.
- Therefore, ACKIT's public subunits are now deemed cancelled.
- Redemption of the public subunits will be completed in 10 days at an estimated per-subunit redemption price of ~$10.38 (net of taxes payable).
- ACKIT's initial shareholders waived their redemption rights with respect to their outstanding stock issued prior to the SPAC's IPO.
- There will be no redemption rights or liquidating distributions with respect to ACKIT's warrants, which will expire worthless.
Ackrell SPAC Partners I says deal with Blackstone Products scrapped
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| Symbol | Last Price | % Chg |
|---|---|---|
| ACKIT | - | - |
| Ackrell SPAC Partners I Co. UNIT | ||