By Stephen Nakrosis
Blank-check company ALSP Orchid Acquisition Corporation I said it plans to redeem all its outstanding Class A ordinary shares as it won't consummate an initial business combination within the required time period.
The company said Wednesday it would redeem shares at the close of business on Nov. 14. The per-share redemption price will be about $10.86 per share, the company said.
The company filed for a $150 million initial public offering in November 2021. At that time, the company intended to target life science companies in North America and Singapore, "with a particular emphasis on companies developing assets and next-generation platform technologies with broad applicability."
The company's sponsor was affiliated with Accelerator Life Science Partners, the SPAC said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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November 09, 2023 at 07:01AM
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ALSP Orchid Acquisition Corp. I to Redeem Shares, Won't Consummate Business Combination - MarketWatch
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