PEGASUS Asia on Wednesday (Jan 31) announced that the final redemption value for its Class A shares is S$5.0274564 per share.

The payment of the redemption amount will be made on Feb 13 or around that date, Pegasus said in a separate bourse filing on Jan 26.

Pegasus is then expected to be delisted from the Singapore Exchange effective 9am on Feb 14.

Pegasus Asia was one of three special purpose acquisition companies (Spacs) to list on the Singapore Exchange in January 2022, alongside Novo Tellus Alpha Acquisition and Vertex Technology Acquisition Corporation.

Last December, Pegasus said it would not conclude a business combination after considering market conditions and would wind up. 

Pegasus – which raised gross proceeds of S$170 million in its January 2022 initial public offering – is sponsored by European asset manager Tikehau Capital as well as Financiere Agache, which is luxury goods company LVMH chief executive Bernard Arnault’s family office. 

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Singapore-listed Spacs have two years to announce their potential business combination, which is also known as a de-Spac transaction. If the Spac is unable to find a suitable acquisition target, it is required to dissolve and return the funds to investors.