BENEW - DWAC Sister SPAC Yunhong International plans to liquidate
SPAC Yunhong International Co. (NASDAQ:ZGYH), who's CEO is also behind the Trump media SPAC Digital World Acquisition Corp. (NASDAQ:DWAC), plans to dissolve and liquidate. SPAC Yunhong International (ZGYH), which is run by Patrick Orlando, will dissolve after it was unable to consummate a deal within the required timeframe, according to a 8-K filing. Wuhan, China-based Yunhong (ZGYH) went public in 2019 with a stated goal of looking to acquire a consumer/lifestyle business in Asia, later amended to exclude China. Yunhong briefly reached a deal earlier this year to take battery and hydrogen-fuel-cell company Giga Energy public at a $7.4B valuation, with plans to operate in China. However, Giga canceled the merger some four months later when a deadline to close expired. Yunhong warrants (ZGYHW) soared on Oct. 22, jumping 265% after Trump's Media and Technology Group announced it would go public through a combination with DWAC. Orlando is also the CEO of
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DWAC Sister SPAC Yunhong International plans to liquidate