Evergreen Corp to delist and liquidate following termination of merger agreement

Evergreen Corp (OTC Pink:EGRVF) announced Thursday that its board has approved the termination of its business as a special purpose acquisition company (SPAC), the delisting of its securities from OTC Pink, and the commencement of voluntary liquidation proceedings. The decision follows the termination of a previously announced merger agreement with Forekast Limited and related entities.

According to a statement based on a Securities and Exchange Commission filing, the merger agreement, originally signed in September 2024 and amended later that month, was terminated by Forekast on June 5, 2025, after the merger was not completed by the agreed deadline of February 28, 2025.

Under Evergreen Corp’s articles of association, the company was required to complete an initial business combination within 36 months of its initial public offering, which closed on February 8, 2022. The failure to do so triggered an automatic redemption event. As a result, the board has resolved to wind up operations, redeem all outstanding Class A ordinary shares sold in the IPO, and liquidate the trust account established for those shareholders.

On July 11, 2025, the board approved the cessation of the company’s SPAC operations, the deregistration of its securities with the SEC, the delisting from OTC Pink, the liquidation of the trust account, the redemption of public shares, the cancellation of IPO-issued warrants, and the cancellation of private placement units held by the sponsor. The board also decided to dissolve the audit and compensation committees and accept the surrender of 2,874,999 Class B founder shares by the sponsor for no consideration.

On Monday, Evergreen Corp notified OTC Markets of the planned redemption, liquidation, and dissolution, and requested suspension of trading for its ordinary shares, warrants, and units.

The company intends to file a Form 15 with the SEC to terminate its reporting obligations under the Exchange Act. The information is based on a press release statement and the related SEC filing.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.