Zell-Backed SPAC to Dissolve After Finding No Opportunities
Equity Distribution Acquisition Corp. (EDAC), a special purpose acquisition company backed by Sam Zell’s Equity Group International, said it intends to dissolve and liquidate following the provisions of its amended and restated certificate of incorporation.
The company, chaired by Zell, did not find an opportunity within the period required by its certificate of incorporation that aligned with its business goals. EDAC will redeem all of its outstanding shares of Class A common stock issued as part of the units sold in the company’s initial public offering, effective as of the close of business on Sept. 19.
EDAC anticipates that the public shares will cease trading on Sept. 16. As of the close of business on Sept. 19, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount. The company will then cease all operations except those required to wind up the business.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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