SPAC Evo to liquidate in wake of failed merger with 20Cube

Evo Acquisition Corp. (NASDAQ:EVOJ) said that won't seek to extend its deadline to consummate a business combination and will instead move to liquidate.

The announcement comes just about a week after the SPAC announced that its planned merger with 20Cube had been mutually terminated.

The termination came approximately three weeks after the SPAC received a warning letter from Nasdaq that its market valuation was too low to remain listed on the exchange. Evo had 180 days to regain compliance.

Evo said that will liquidate on or around May 8. The company intends to redeem its Class A stock at around $10.12 per share. The SPAC had a deadline of May 8 by which to close on a business combination or face liquidation.

Evo held its initial public offering in February 2021, raising $125M.