Atlantic Avenue Acquisition Corp
ASAQ-UN
New York Stock Exchange10.01
USD
-0.09
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Atlantic Avenue Acquisition Corp
ASAQ-UN
(New York Stock Exchange)
Recent
price
10.01
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Similar Companies
- Business
- Atlantic Avenue Acquisition Corp Atlantic Avenue Acquisition Corp (ASAQ-UN) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or similar business combination with one or more businesses or entities; it focuses on opportunities in technology, media and telecom (TMT), healthcare, technology-enabled financial services (fintech), and other business and consumer-related services sectors. Incorporated in 2020 as a Delaware corporation and headquartered in Stamford, Connecticut, the company conducted a $250 million initial public offering in October 2020, offering 25 million units at $10 each, with each unit comprising one Class A ordinary share and one-half of one redeemable warrant exercisable at $11.50 per whole share; it listed on the New York Stock Exchange under the ticker ASAQ-UN. The company has no significant current operations and maintains its proceeds in a trust account, targeting global business combinations aligned with the expertise of its sponsor team from MC Credit Partners. In recent developments, Atlantic Avenue Acquisition Corp attempted multiple deadline extensions for its business combination, including proposals in September 2022 to extend from October 6, 2022, to April 6, 2023, supported by monthly sponsor contributions of up to $150,000; however, following the cancellation of a special stockholder meeting on October 3, 2022, it dissolved and liquidated on October 6, 2022, redeeming all outstanding Class A shares at approximately $10.03 per share from its trust account while its warrants expired worthless, resulting in delisting from the NYSE; no merger was completed despite earlier discussions reported in 2021 regarding a potential combination with Securus Technologies. Leadership includes Chairman and CEO Ashok Nayyar, Co-Presidents Michael Zimmerman and David Gelobter, and CFO Barry Best, all affiliated with MC Credit Partners.