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INSU Acquisition Corp. III (NASDAQ:IIII) announced plans to dissolve and liquidate after failing to complete a business combination by the deadline. This will take effect on December 22, 2022, with Public Shares being redeemed at approximately $10.09 each. The company will liquidate its trust account securities and distribute proceeds pro rata to shareholders, minus dissolution expenses. The sponsors will waive their redemption rights for Class B shares, but warrants will expire worthless. The company plans to delist from Nasdaq and terminate its securities registration.
INSU Acquisition Corp. III (NASDAQ: IIII) received a Nasdaq notice due to the late filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2021. The notice indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a compliance plan by July 26, 2021, to avoid potential delisting, with a possible extension until November 22, 2021. The company is also assessing the impact of SEC guidance on warrants issued by SPACs, which may require amendments to its past financial reports.
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