Novo Tellus Alpha Acquisition (NTAA) will redeem all of its issued Class A shares at $5.1839 apiece, announced the special purpose acquisition company (spac) on Feb 2.
Shareholders as at the record date of Feb 13, will be paid in cash.
Shares in the spac spiked 10 cents or 1.98% higher at $5.15 after the market opened on Feb 2.
The aggregate redemption amount on shares paid to eligible shareholders will be rounded down to the nearest 1 cent.
The redemption and payment is expected to be made on or about Feb 21.
The last day of trading of NTAA’s shares is on Feb 8; trading of the shares will be suspended at 9am on Feb 9. NTAA will then be delisted on Feb 22.
See also: Hong Kong's first de-spac listing still leaves sector in limbo
On Jan 11, NTAA said that it will not be concluding a business confirmation ahead of its Jan 26 deadline. The Edge Singapore had reported, on Dec 20, 2023, that the spac was not looking to merge with any target companies, a report that NTAA denied at the time.
According to CEO Loke Wai San, the move to dissolve the spac comes after careful consideration and a thorough evaluation of potential targets among other factors.
As at 4.44pm, shares in NTAA are trading 10 cents higher or 1.98% up at $5.15
