Evergreen Corporation Stock Price, News & Analysis

Evergreen Corporation (EVGRU) was a special purpose acquisition company (SPAC) whose stated purpose was to complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Its units traded under the symbol EVGRU, with the underlying Class A ordinary shares and warrants expected to trade separately under EVGR and EVGRW on Nasdaq following the initial public offering.

According to its public disclosures, Evergreen Corporation described itself as a blank check company with flexibility to pursue a target in any sector, while expressing an intention to focus its search on technology companies. These focus areas included businesses involved in Artificial Intelligence (AI), FinTech and financial services, the Metaverse, the Internet of Things (IoT), eCommerce, social commerce, Industry 4.0 (IR4.0), and other areas related to the new digital economy in the ASEAN region. The company highlighted target characteristics such as large and growing addressable markets, significant revenue growth, defensible business models and strong technological research capabilities.

Evergreen Corporation completed its initial public offering of units on the Nasdaq Global Market, with each unit consisting of one Class A ordinary share and one redeemable warrant to purchase an additional Class A ordinary share. The underwriters exercised their over-allotment option in full at the time of the IPO closing, and the company established a trust account for the benefit of holders of its public Class A ordinary shares, as is typical for SPAC structures.

For a period following its IPO, Evergreen Corporation had not selected any specific business combination target and stated that it had not initiated substantive discussions with any potential target. In 2023, the company convened and adjourned extraordinary general meetings of shareholders to consider amendments to its articles of association and its investment management trust agreement. These proposed changes related to extending the period available to complete a business combination, methods to avoid becoming subject to certain penny stock rules, and conversion rights for Class B ordinary shares into Class A ordinary shares. The company later withdrew the proposals that had been presented to shareholders and indicated that it would continue to search for an initial business combination in line with its existing governing documents.

In September 2024, Evergreen Corporation announced that it had entered into a definitive Business Combination Agreement with Forekast Limited, a technology managed services provider specializing in augmented intelligence. Under that agreement, Evergreen Corporation was expected to merge with Forekast, with the combined entity to operate as Forekast Group. The announcement described Forekast’s focus on AI-driven insights to enhance business operations, customer experiences and workforce capabilities, and outlined an intended use of any remaining trust funds for research and development, marketing, market expansion, talent acquisition and potential strategic acquisitions. The transaction remained subject to customary closing conditions, including SEC review of a registration statement on Form F-4 and shareholder approvals.

Subsequent SEC filings show that the Business Combination Agreement with Forekast was terminated. On June 5, 2025, Evergreen Corporation reported that Forekast had terminated the agreement pursuant to a provision that allowed termination if the merger was not consummated by February 28, 2025. As a result, the agreement became void without liability to the parties. Because Evergreen Corporation did not complete an initial business combination within the time frame specified in its amended articles of association, an automatic redemption event was triggered under those articles.

Evergreen Corporation then moved into an orderly wind-up process. An 8-K filing dated July 24, 2025 describes board resolutions from July 11, 2025, in which the directors unanimously approved the termination of the company’s business as a SPAC, the cessation of all operations except for winding up, the de-registration of its securities with the SEC, and the de-listing of its securities from their trading market. The board also approved the liquidation of the trust account, the redemption of the outstanding public Class A ordinary shares, the cancellation of the IPO warrants, the cancellation of private placement units held by the sponsor, and the commencement of a voluntary liquidation of the company upon completion of these steps. The sponsor’s Class B founder shares were surrendered for no consideration, and the company’s audit and compensation committees ceased operations.

Trading status for Evergreen Corporation’s securities changed over time. A Form 25 filed by Nasdaq Stock Market LLC on June 20, 2025, provided notification of the removal of Evergreen Corporation’s Class A ordinary shares, warrants and units from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. Later 8-K filings indicate that the ordinary shares, warrants and units were quoted on the OTC Pink market under symbols EGUVF, EGSVF and EGRVF, respectively, before the company proceeded with the redemption, liquidation and dissolution steps.

On August 15, 2025, Evergreen Corporation filed a Form 15 with the SEC to terminate the registration of its securities and suspend its duty to file periodic reports under Sections 13 and 15(d) of the Exchange Act. The Form 15 reiterates the board’s July 11, 2025 decisions to terminate the company’s business as a SPAC, de-register and de-list its securities, liquidate the trust account, redeem public shares, cancel warrants and private placement units, and commence voluntary liquidation. The filing notes that the approximate number of holders of record as of the certification date was one, and identifies the classes of securities covered by the termination of registration.

Based on these regulatory filings, Evergreen Corporation is best understood as a former blank check company that did not ultimately complete a business combination and instead proceeded to redeem its public shares, cancel its warrants and sponsor securities, de-list from its exchange, and wind up its affairs. Its history is relevant for investors and researchers interested in SPAC structures focused on technology sectors in the ASEAN region and in the lifecycle of SPACs that do not consummate a merger within their specified time frames.

Business focus and target sectors

Evergreen Corporation’s disclosures consistently emphasized an intended focus on technology-driven businesses. The company stated that it aimed to identify targets involved in AI, FinTech and financial services, the Metaverse, IoT, eCommerce, social commerce, Industry 4.0 and related digital economy themes in the ASEAN region. It highlighted interest in companies with large and growing markets, significant revenue growth and strong technological research capabilities, suggesting a preference for high-growth, innovation-oriented targets within these domains.

SPAC structure and investor considerations

As a SPAC, Evergreen Corporation raised capital through its IPO and placed the proceeds in a trust account for the benefit of public shareholders. Public investors held units composed of Class A ordinary shares and redeemable warrants, with the trust structure designed to allow shareholders to redeem their shares for cash if they chose not to participate in a proposed business combination or if a business combination was not completed within the specified period. When Evergreen Corporation did not complete a business combination within the time allowed by its articles of association, the automatic redemption provisions were triggered, leading to the wind-up and liquidation steps described in its later SEC filings.

Historical context for EVGRU and related symbols

The symbol EVGRU historically referred to the units issued in Evergreen Corporation’s IPO on Nasdaq. Over time, the underlying Class A ordinary shares and warrants were expected to trade separately under EVGR and EVGRW. Following the delisting from Nasdaq, subsequent filings reference trading of the ordinary shares, warrants and units on the OTC Pink market under different symbols. With the company’s decision to redeem public shares, cancel warrants, and file Form 15 to terminate registration, these securities represent a historical record of the SPAC rather than an ongoing operating business.

How investors can use this information

Information about Evergreen Corporation is relevant for understanding the lifecycle of a SPAC that did not complete a merger, the mechanics of automatic redemption events under SPAC governing documents, and the regulatory steps involved in delisting, deregistration and liquidation. Researchers examining SPAC outcomes, investors reviewing historical SPAC transactions, and market participants studying technology-focused blank check companies in the ASEAN region may find Evergreen Corporation’s filings and news releases useful as a case study.