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SPAC Powered Brands ( NASDAQ: POW ) said Tuesday it will redeem all outstanding class A ordinary shares, effective as of business close on January 12, as it will not close a merger within the time period required.
The firm will cease all operations as of January 12, except for the purpose of winding up.
The per-share redemption price will be ~$10.12.
Powered Brands ( POW ) sponsor waived its redemption rights with respect to outstanding class A ordinary shares held by it and class B ordinary shares.