By Stephen Nakrosis
Special purpose acquisition company Equity Distribution Acquisition Corp. said it will redeem all outstanding Class A common stock shares as the company plans to dissolve and liquidate.
The company said it didn't find an opportunity for an initial business combination within the period required by its certificate of incorporation.
Equity Distribution said it will redeem the shares issued as parts of the units sold during its initial public offering effective the close of business on Sept. 19. Net of taxes, the company said, it currently expects the per-share redemption price for the public shares will be about $10.01.
The company originally filed for an IPO in August 2020. At the time, it said it intended to focus its search for an initial business combination "on companies providing technology-enabled solutions in industrial and industrial distribution markets."
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