Avanti Acquisition Corp. (AVAN) to Liquidate Trust

Avanti Acquisition Corp. (NYSE:AVAN) announced this morning that it will not consummate a business combination and will instead liquidate its trust.

October 6 is to be the last day Avanti trades on the public markets and shareholders are to receive the pro rata trust amount of $10.06 per share over the next 10 days. The SPAC raised $600 million in its October 2020 IPO and initially sought to combine with “one or more businesses in Europe, with a strong U.S. nexus and international reach”.

Avanti’s team did not comment on the efforts or difficulties of its target search. But, many SPACs with deadlines expiring towards the end of 2022 have made the judgment that liquidation is preferable in an environment of high redemptions, looming regulatory changes and a potential excise tax on redemptions coming into effect in 2023.

Avanti becomes the 32nd SPAC to announce its intention to liquidate in 2022.