Singapore SPAC Pegasus Asia gives up on finding merger, acquisition target

Tikehau Capital SCA

20/12/2023 05:22

SINGAPORE, Dec 20 (Reuters) - Pegasus Asia  PEGA.SI , a
Singapore-based special purpose acquisition company (SPAC)
backed by alternative asset manager Tikehau Capital  TKOO.PA ,
said on Wednesday it would not make an acquisition by a Jan. 20
deadline and would close down.
        The shell company, which was listed on the Singapore
bourse in January 2022, had two years to acquire or merge with
another business but said its board of directors had ruled
against a deal "after considering macroeconomic and market
conditions".
    It said it will make an announcement in due course on its
next steps, which would involve the redemption of its issued
outstanding shares, and then proceed to cease operations and 
wind up its business. 
    There will be no redemption rights nor liquidating
distributions regarding its warrants, Pegasus said.
    Singapore-listed SPACs have two years to acquire or merge
with a company, with the option for a one-year extension,
subject to certain conditions. Pegasus did not say it is seeking
an extension.
    

 (Reporting by Yantoultra Ngui; Editing by Sonali Paul)
 ((Yantoultra.Ngui@thomsonreuters.com))