By Rob Curran
Special-purpose acquisition company North Atlantic Acquisition Corp. said it would dissolve itself without making a merger deal, the latest indication that the SPAC investment boom is cooling.
The blank-check company will redeem all outstanding shares at Tuesday's closing price of $10.13.
North Atlantic cancelled its annual shareholder meeting, scheduled for Wednesday at 4 pm, EDT. In July, North Atlantic Acquisition scrapped a deal to merge with TeleSign Inc., a fraud-prevention and digital-identification company, citing market conditions.
After a surge in interest in SPACs during the bull market of 2020-21, many of the companies formed this way have been hit hard during the bear market, while the sponsors of the entities have struggled to find merger partners.
Write to Rob Curran, rob.curran@wsj.com