NEW
YORK, Nov. 23, 2022 /PRNewswire/ -- G&P
Acquisition Corp. (NYSE: GAPA) ("G&P" or the "Company"), a
publicly-traded special purpose acquisition company, today released
the following letter:
Dear G&P Acquisition Corp. Shareholders,
On March 11, 2021 G&P
completed a $175 million IPO on the
New York Stock Exchange. Our objective was to identify an
established operating business in the food and beverage, consumer
goods, automotive, and hospitality sectors with strong operation
and cash flow. Over the course of the next 20 months, we evaluated
over seventy potential transactions, met with over thirty-five
potential target companies, actively pursued or made offers to over
ten companies and executed letters of intent for a business
combination but were unable to consummate a transaction.
Last week, we announced that we were returning all the cash held
in trust to shareholders. This totals approximately $10.17 per share, including accrued interest. We
believe this is the prudent outcome for our investors.
We have been unsuccessful in completing an initial business
combination due to a deteriorating market for SPAC transactions
which has been driven by a number of factors including (1) the poor
performance of post-business combination SPACs over the last two
years has negatively impacted the willingness of potential targets
to enter into a transactions with SPACs, (2) the high
redemption rates of SPACs and declining availability of financing
options for SPAC transactions with capital requirement that exceed
the amount of capital held in trust, and (3) risk and uncertainty
created by new SPAC rules proposed by the SEC in 2022.
Our investment objective focused on established operating
companies with a history of strong cash flow. These companies can
generally wait until market conditions are favorable, which limited
the universe of high-quality possible deals for G&P,
particularly during the last 12 months. While there were
transactions that were potentially actionable for G&P during
the past year, none of them met our investment criteria.
While we are disappointed that we did not achieve our initial
objective of consummating a high-quality transaction for G&P,
we are extremely grateful for your partnership and trust over the
last twenty months.
Sincerely,
Brendan T. O'Donnell
Chief Executive Officer
Contacts:
Investors and
Media:
Email: investorrelations@gapacq.com
Phone: (212) 415-6506
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SOURCE G&P Acquisitions Corp
