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Blank-check firm Yunhong International announces plans to dissolve

Reuters
·1 min read

Nov 20 (Reuters) - Special-purpose acquisition company (SPAC) Yunhong International said in a regulatory filing on Friday 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 will redeem all of its outstanding shares at $10.31 per share, according to its Securities and Exchange Commission filings on Friday.

The company cited its "inability to consummate an initial business" within the deadline stipulated as per the company’s regulations, according to the SEC filing.

Orlando is also the chief executive officer of the blank-check acquisition company Digital World Acquisition Corp , the SPAC that plans to publicly list former U.S. President Donald Trump's new social media company to create a social media app called TRUTH Social.

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In addition, he is CEO of another Miami-based SPAC, Benessere Capital Acquisition Corp

A SPAC is a publicly listed shell company that raises funds with the intention of merging with a private company within two years of floating its shares. The private firm goes public through the merger. (Reporting by Anirudh Saligrama in Bengaluru Editing by Matthew Lewis)