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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.
- ◦Financing
