New Providence Acquisition Corp. II (NPAB) shares were halted in Friday's late session after the blank check company said it plans to soon wind down operations and return its remaining equity to shareholders rather than complete a merger with a suitable business partner over the next year.

New Providence shareholders last week approved a resolution providing the special purpose acquisition company with an additional 12 months to close a qualifying transaction as the Nov. 9 deadline to complete a deal approached.

However, the company said it will cease all operations as soon as it's practicable, adding shareholders likely will receive around $10.89 for each of their shares in the upcoming distribution.