By Ben Glickman
Churchill Capital Corp V will redeem all of its outstanding shares after failing to complete a business combination.
The special-purpose acquisition company said Monday that stockholders could redeem their shares for $10.40 a share, with the last day of trading being Oct. 16.
The company said that its board of directors had on Oct. 2 moved up the date to complete its initial business combination to Oct. 16. The company’s certificate of incorporation states that it must complete a merger by Dec. 18 or an earlier date determined by the board.
Churchill Capital will cease operations after Oct. 17.
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