PEGASUS Asia said it will not conclude a business combination “after considering macroeconomic and market conditions”, partially confirming an earlier media report that stated it was one of two remaining Singapore Exchange (SGX)-listed special purpose acquisition companies (Spacs) to be dissolved.

In a Wednesday (Dec 20) filing, Pegasus said it would make an announcement in due course on the next steps for shareholders to redeem all of their issued outstanding Class A ordinary shares.

Following this, the Spac will cease operations and wind up its business.