04:51 PM EST, 11/08/2024 (MT Newswires) -- New Providence Acquisition Corp. II ( NPAB ) shares were halted in Friday's late session after the blank check company said it plans to soon wind down operations and return its remaining equity to shareholders rather than complete a merger with a suitable business partner over the next year.

New Providence shareholders last week approved a resolution providing the special purpose acquisition company with an additional 12 months to close a qualifying transaction as the Nov. 9 deadline to complete a deal approached.

However, the company said it will cease all operations as soon as it's practicable, adding shareholders likely will receive around $10.89 for each of their shares in the upcoming distribution.