Merging company

Blank Check Company Yunhong International Announces Intention to Dissolve


Nov. 20 (Reuters) – Special Purpose Acquisition Company (SPAC) Yunhong International (ZGYH.O) announced in a regulatory filing Friday that it plans to liquidate the company.

The blank check company, run by former investment banker Patrick Orlando, said it intends to dissolve and liquidate and repurchase all of its outstanding shares at $ 10.31 per share, according to its documents filed Friday with the Securities and Exchange Commission.

The company cited its “inability to complete initial business” within the stipulated time frame in accordance with company regulations, according to the SEC filing.

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Orlando is also the CEO of blank check acquisition company Digital World Acquisition Corp (DWAC.O), the SPAC which plans to publicly list former US President Donald Trump’s new social media company to create an app. media outlet called TRUTH Social. Read more

In addition, he is the CEO of another Miami-based SPAC, Benessere Capital Acquisition Corp (BENE.O)

A SPAC is a publicly traded shell company that raises funds with the intention of merging with a private company within two years of issuing its shares. The private enterprise becomes public through the merger.

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Reporting by Anirudh Saligrama in Bengaluru Editing by Matthew Lewis

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