Special purpose acquisition company Interra Acquisition (HKG:7801) will be delisted from the Hong Kong bourse on April 9 after failing to announce a merger deal by the extended March 16 deadline.
Despite identifying an unnamed Chinese retailer as a potential merger target, a definitive business combination agreement was not reached within the designated timeframe.
Given this, and the existing trading suspension of its securities, the company decided to redeem all its Class A ordinary shares at HK$11.0979 each, effectively returning its initial offering proceeds.
Trading in Interra's shares has been suspended since Nov. 1, 2024, after its public float fell to 11%, below the required 25%, following a share redemption.
The redemption process was completed on April 3, and the SPAC's delisting will take effect on April 9, according to a Thursday disclosure with the Hong Kong Exchange.
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