Build Acquisition Corp. (BGSX)

Build Acquisition Corp. was a special purpose acquisition company, or blank-check company, based in Austin, Texas. It was formed to raise money from public investors and then merge with a private operating business, and it said it would focus on software companies. It had no operations of its own; its main asset was the cash held in a trust account for public shareholders.

The company priced its initial public offering in March 2021, selling 20 million units at $10.00 each for gross proceeds of $200 million, and the offering closed later that month. The units traded on the New York Stock Exchange as BGSX.U, and the Class A common stock and warrants later traded separately, with the common shares using the BGSX symbol.

Like many SPACs from the 2021 boom, Build Acquisition faced a much weaker market for de-SPAC deals in 2022, as rising interest rates and poor performance of recently merged companies made targets and investors cautious. The company did not announce a definitive merger agreement before the time limit set in its charter.

On March 2, 2023 the company said it would not complete a business combination within the required period and would redeem all public shares at roughly $10.21 each, funded from the trust account. The public shares stopped trading at the close on March 16, 2023 and were treated as cancelled as of March 17, 2023. The company expected the NYSE to file a Form 25 to delist its securities and planned to deregister and dissolve, and the warrants expired worthless.