2023-06-13 16:39:07 ET
- Special purpose acquisition comany Malacca Straits Acquisition ( NASDAQ: MLAC ) ( NASDAQ: MLACU ) said Tuesday it plans to liquidate after it and Indiev mutually agreed to terminate their previously announced merger agreement.
- The merger pact terminated on June 8, and Malacca Straits Acquisition ( MLAC ) plans to liquidate as soon as practicable on June 16 and to return funds to holders of its class A ordinary shares.
- The decision came after Malacca Straits Management Company Ltd, MLAC's sponsor, said it didn't plan to make additional contributions to MLAC's trust account.
- After satisfying liabilities for expenses and working capital loans, Malacca Straits Acquisition ( MLAC ) expects to redeem all outstanding class A ordinary shares for an estimated redemption price of ~$10.53 per share. MLAC shares closed at $10.58 on Tuesday.
- In September 2022, MLAC agreed to combine with Indiev, maker of electric vehicles, in a deal that would make Indiev a publicly traded company.
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Malacca Straits Acquisition to liquidate after ending deal with Indiev