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Gary Cohn SPAC Latest Hit by Mass Exodus as 91% of Holders Bail

  • Shares redeemed when investors OKed merger deadline extension
  • Smaller pool of cash may complicate plans to merge with Allwyn

A SPAC led by Gary Cohn, a former adviser to Donald Trump, is the latest firm to be rocked by the industry’s volatility as investors chose to swap their stock for cash.

Cohn Robbins Holdings Corp., the special-purpose acquisition company led by the former Goldman Sachs Group Inc. president and Clifton Robbins, said roughly 91% of its 82.8 million shares were redeemed when investors approved a deadline extension for the SPAC’s merger with one of Europe’s largest lottery operators, Allwyn Entertainment AG.