SPAC SC II Acquisition Walks Away From Payments Tech Deal
SCII is trading near its 52-week low of $9.9 (2.1% above the low).
Summary
SC II Acquisition terminated its non-binding LOI to acquire a payments technology company, effective July 12. The SPAC will not pursue the proposed 100% equity acquisition and has no further obligations beyond limited confidentiality. This follows the 8-K filed earlier today, confirming the deal's collapse. With the SPAC now back to searching for a target, the clock is ticking on its mandate to complete a business combination.
At the time of this announcement, SCII was trading at $10.11 on NASDAQ in the Finance sector, with a market capitalization of approximately $251.7M. The 52-week trading range was $9.90 to $10.11. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.