07:11 AM EDT, 09/27/2024 (MT Newswires) -- Ault Disruptive Technologies Corporation ( ADRT ) , a publicly-traded special purpose acquisition company, said Friday its board of directors has decided to redeem all outstanding shares of common stock as the company is unable to complete an initial business combination within the deadline of Dec. 20 as specified in its amended certificate of incorporation.

The company will cease operations, redeem its public shares for approximately $11.18 per share, and proceed to dissolve and liquidate.

The last day of trading on the New York Stock Exchange American is expected to be Oct. 10.

There will be no redemption rights or liquidating distributions for the company's warrants, which will expire worthless, Ault said. The company also plans to delist and terminate the registration of its securities with the Securities and Exchange Commission.

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