DWAC sister SPAC Yunhong International plans to liquidate

Nov. 19, 2021 10:50 PM ETYunhong International (ZGYH)DWAC, BENE, MAQC, ZGYHW, BENEWBy: Joshua Fineman, SA News Editor62 Comments

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  • SPAC Yunhong International Co. (NASDAQ:ZGYH), who's CEO is also behind the Trump media SPAC Digital World Acquisition Corp. (NASDAQ:DWAC), plans to dissolve and liquidate.
  • SPAC Yunhong International (ZGYH), which is run by Patrick Orlando, will dissolve after it was unable to consummate a deal within the required timeframe, according to a 8-K filing.
  • Wuhan, China-based Yunhong (ZGYH) went public in 2019 with a stated goal of looking to acquire a consumer/lifestyle business in Asia, later amended to exclude China.
  • Yunhong briefly reached a deal earlier this year to take battery and hydrogen-fuel-cell company Giga Energy public at a $7.4B valuation, with plans to operate in China. However, Giga canceled the merger some four months later when a deadline to close expired.
  • Yunhong warrants (ZGYHW) soared on Oct. 22, jumping 265% after Trump's Media and Technology Group announced it would go public through a combination with DWAC.
  • Orlando is also the CEO of SPAC Benessere Capital Acquisition Corp. (NASDAQ:BENE).
  • The Yunhong news was reported earlier by Bloomberg.
  • Orlando's dealings with Trump have come under scrutiny in the wake of a New York Times article last month that claimed there might be potential violations of securities laws in regard to the DWAC SPAC. Earlier this week Sen. Elizabeth Warren (D-MA) sent a letter to SEC Chairman Gary Gensler yesterday requesting that the agency investigate the transaction.

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