SPAC Turmeric Acquisition to redeem its public shares after failing to find a business to acquire in time

Turmeric Acquisition Corp. TMPM, +0.10% said Monday it will redeem its public shares, after the special purpose acquisition corporation, or SPAC, failed to find a business target in time. The blank-check company said shares would cease trading as of the start of trade Oct. 20 and will be deemed canceled at the close of trade that day. SPACs are shells that go public and then have up to two years to find a business to acquire. If they fail to find one in the allotted time, they are forced to liquidate.