Novo Tellus Alpha Acquisition (NTAA) is not concluding a business combination ahead of the January 26 deadline, confirming The Edge Singapore’s previous report.
NTAA denied that was looking to dissolve the spac on Dec 20, 2023, following the report.
The new announcement follows careful consideration and thorough evaluation of potential targets, as well as taking into consideration current market conditions, says executive chairman and CEO Loke Wai San in a filing.
NTAA is slated to release a further announcement with details of the process to redeem the issued outstanding Class A shares.
Another Singapore spac, Pegasus Asia, announced its dissolution on Dec 20, 2023.
The only spac listed in Singapore that has successfully completed a business combination is Vertex Technology Acquisition Corp, having merged with live-streaming platform 17LIVE following an EGM on Dec 1.
See also: Hong Kong's first de-spac listing still leaves sector in limbo
Shares in NTAA closed flat at $4.93 on Jan 11.
