Trump Moneyman Patrick Orlando’s Wuhan SPAC Plans to Liquidate

(Bloomberg) — Patrick Orlando, whose status as an operator of blank-check companies escalated last month when he reached an offer to bankroll previous President Donald Trump’s media business, is ditching among his earlier endeavors for searching such deals.

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Orlando’s unique function acquisition business Yunhong International Co. prepares to liquify and liquidate, redeeming public shares at $10.31 each, according to a regulative filing Friday. Yunhong, based in Wuhan, China, mentioned its “inability to consummate an initial business combination” prior to a due date defined in the business’s laws.

Orlando is president of Yunhong, along with another SPAC, Miami-based Digital World Acquisition Corp. That endeavor turned heads on both Wall Street and in the political world in October when news emerged that Trump prepared to introduce a brand-new media empire and take it public by combining it with the SPAC. Digital World’s stock skyrocketed as much as 1,600% in less than 2 days — long prior to Trump’s app was even offered for download.

SPACs, which raise cash through a going public and after that hunt for a company to purchase, usually need to discover a target within 2 years of the IPO. Unless supervisors and investors consent to extend the due date, the cars return the money raised.

Numerous SPACs, which have actually risen to extraordinary levels starting in 2020, might quickly be dealing with due dates for finishing mergers.

Orlando is likewise the CEO of Benessere Capital Acquisition Corp., another SPAC based in Miami.

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Jobber Wiki author Frank Long contributed to this report.