The spac, on Dec 20, said that it came to the decision after “considering macroeconomic and market conditions”.

Shares in Pegasus spac rose to a 52-week high of $5 or 3.3% higher than the previous day’s close of $4.84 after the spac said that it would not merge with any target companies. The share price increase came after the lifting of a trading halt. Pegasus Asia called for a trading halt after the news broke that it would not conclude a business combination.

The announcement confirms The Edge Singapore's earlier report that the spac is looking to dissolve the blank-cheque company.

The spac, on Dec 20, said that it came to the decision after “considering macroeconomic and market conditions”. It added that it will update its shareholders on the process to redeem its issued outstanding Class A shares which have a par value of 0.01 cent per share.

As at 1.19pm, shares in Pegasus spac are trading 16 cents or 3.3% higher at $5.