SINGAPORE - Novo Tellus Alpha Acquisition (NTAA) will pay a $5.18 redemption price per Class A share, the special purpose acquisition company (Spac) said on Feb 2.

The payment of the redemption amount will be made on Feb 21 or around that date, after the record date on Feb 13.

The counter will be suspended from trading from Feb 9. It will then be delisted from the Singapore Exchange (SGX) effective 9am on Feb 22.

The Spac, which is backed by industrial technology buyout fund Novo Tellus Capital Partners, said on Jan 11 that it would not conclude a business combination given the current market conditions.

It was one of three Spacs listed on the SGX in January 2022, alongside Pegasus Asia and Vertex Technology Acquisition Corporation (VTAC).

NTAA’s wind-up announcement came after Pegasus Asia said in December 2023 that it would not conclude a business combination either.

VTAC was the only Spac that finished a de-Spac, after its business combination with live-streaming platform 17Live Group. The combined entity tumbled 18.8 per cent on its mainboard debut.

NTAA closed up three cents, or 0.6 per cent, at $5.05 on Feb 1. THE BUSINESS TIMES