Apollo Strategic Growth Capital II Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination; Per-Share Redemption Price For The Public Shares Will Be ~$10.58
Portfolio Pulse from Benzinga Newsdesk
Apollo Strategic Growth Capital II (NYSE:APGB), a SPAC, announced it will liquidate and dissolve, redeeming all outstanding Class A ordinary shares at approximately $10.58 per share. The company will not pursue an initial business combination and will cease operations except for winding up after November 28, 2023. The trust account balance as of November 10, 2023, was about $189.53 million. The company's securities will stop trading on the NYSE on November 27, 2023, and the shares will be cancelled the following day. The company's warrants will expire worthless, and the sponsor has waived redemption rights for founder shares and private placement warrants. APGB will delist from the NYSE and terminate its securities registration.
November 10, 2023 | 11:41 pm
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Apollo Strategic Growth Capital II will redeem its public shares at approximately $10.58 each and will not engage in an initial business combination. The company's securities will cease trading on the NYSE on November 27, 2023, and operations will wind down after November 28, 2023.
The announcement of the liquidation and share redemption at a fixed price indicates the end of the company's market activities. Shareholders will receive a cash redemption, and the stock will no longer trade, which typically leads to a negative short-term impact on the stock price leading up to the delisting. The warrants expiring worthless and the sponsor waiving redemption rights further confirm the finality of the company's market exit.
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