By Katherine Hamilton
Qomolangma Acquisition, a special purpose acquisition company, said Monday it plans to redeem all its shares and proceed with liquidation, as it has not secured a business combination during its three years in operation.
The special purpose acquisition company plans to redeem all its common stock at about $10.88 a share.
Qomolangma had to complete an initial business combination within 36 months of closing its initial public offering, which happened in 2022. Because it didn't secure a combination, it has to cease all operations and redeem 100% of its public shares.
"We met with many strong companies over the last two years and signed an LOI on a very promising transaction, which ultimately did not result in a definitive agreement," said Chief Executive Jonathan Myers.
He added that Qomolangma's sponsor was not able to continue funding payments to extend its operations.
On Friday, Qomolangma notified Nasdaq it was seeking voluntary delisting.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 06, 2025 14:06 ET (19:06 GMT)
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