KnightSwan Acquisition Corporation Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination; Per-share Redemption Price For The Public Shares Will Be Approximately $10.61
Portfolio Pulse from Benzinga Newsdesk
KnightSwan Acquisition Corporation (NYSE:KNSW) has decided to redeem all outstanding shares of Class A common stock as it will not complete an initial business combination by the set deadline. The redemption price per share is approximately $10.61. The company's securities will cease trading on the NYSE after December 5, 2023, and shares will be cancelled effective December 6, 2023. The company's warrants will expire worthless, and the sponsor has waived redemption rights for Class B common stock. The company will wind up operations after the redemption and expects to delist from the NYSE and terminate its securities registration.
November 21, 2023 | 5:02 pm
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KnightSwan Acquisition Corporation will redeem its Class A common stock at approximately $10.61 per share and will not pursue an initial business combination. The company's securities will stop trading on the NYSE after December 5, 2023, and the company will wind up operations post-redemption.
The redemption of shares and the cessation of trading on the NYSE indicate a winding up of operations, which typically leads to a negative impact on the stock price. The company's decision not to pursue a business combination and the subsequent delisting will likely result in a decrease in investor confidence and a negative short-term impact on the stock price.
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