Zell-backed SPAC fizzles

The deflated SPAC market has claimed another victim. The Sam Zell-backed Equity Distribution Acquisition Corp. will close up shop next month after failing to find a merger deal, Bloomberg reported. The special purpose acquisition company will stop trading on Sep. 16 and redeem the outstanding class A shares to investors on Sep. 19. The firm went public at the height of the SPAC craze in 2020, putting a focus on businesses in the industrial sector.