{"id":83393,"date":"2023-11-11T11:47:03","date_gmt":"2023-11-11T16:47:03","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/apollo-backed-blank-check-company-wont-complete-a-combination\/"},"modified":"2023-11-11T11:47:06","modified_gmt":"2023-11-11T16:47:06","slug":"apollo-backed-blank-check-company-wont-complete-a-combination","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83393","title":{"rendered":"Apollo-Backed Blank-Check Company Won’t Complete a Combination"},"content":{"rendered":"
\n

By Josh Beckerman<\/p>\n

<\/pre>\n
Special-purpose acquisition company Apollo Strategic Growth Capital II said it won’t complete a business combination and will redeem its shares.<\/p>\n
The company expects the per-share redemption price for public shares will be about $10.58. Its last trading day will be Nov. 27.<\/p>\n
\n
The company, which is backed by Apollo Global Management, raised $690 million in its February 2021 initial public offering, including the full exercise of the overallotment option.<\/p>\n
In May, stockholders approved an extension of the SPAC’s deadline to complete a merger to Feb. 12, 2024, or an earlier date determined by the board. The company said in a May securities filing that it expected about $184.4 million would remain in its trust account, compared with about $708 million at April 4, due to redemptions.<\/p>\n
In May 2022, the blank-check company Apollo Strategic Growth Capital merged with American Express Global Business Travel. Another SPAC backed by Apollo Global withdrew its IPO filing in November 2022.<\/p>\n
<\/pre>\n
Write to Josh Beckerman at josh.beckerman@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By Josh Beckerman Special-purpose acquisition company Apollo Strategic Growth Capital II said it won’t complete a business combination and will redeem its shares. The company expects the per-share redemption price for public shares will be about $10.58. Its last trading day will be Nov. 27. 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