The special purpose acquisition company (SPAC) had unveiled plans to combine with London Innovation Underwriters (LIU) and raise additional funds to deploy in the
A shareholder meeting that had been planned for 14 November to approve the tie-up has been cancelled, the company said.
The SPAC has an end of year deadline to use funds raised for a takeover, and said it would not seek an extension.
"Consequently, the company proposes to cease operations, other than for the purpose of returning funds to shareholders and conducting an orderly winding up of the company,"
"In order to ensure due payment of creditors, the Company proposes to appoint a liquidator as soon as practicable to administer the winding up of operation." Reuters
(c) 2023 City A.M., source