- Business
- Electrum Special Acquisition Corp (NASDAQ:ELEC) is a blank check company with no current significant operations that focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, targeting companies in the metals and mining industry, particularly gold and other precious metals; it offers no current products or services beyond its SPAC structure of redeemable ordinary shares, warrants, and units traded on Nasdaq under symbols ELEC, ELECW, and ELECU, respectively. The company, founded in 2014 and headquartered in New York, NY, was sponsored by affiliates of The Electrum Group LLC and raised $175 million in its June 2015 initial public offering underwritten by Cantor Fitzgerald. Electrum Special Acquisition Corp liquidated in June 2018 after failing to complete an initial business combination within its mandated timeframe, despite multiple extensions approved by shareholders, resulting in the redemption of public shares approximately ten business days after June 5, 2018, cessation of trading, and distribution of trust assets to shareholders.