(Bloomberg) -- The collapsed tie-up between Horizon Acquisition Corp. II — the SPAC started by billionaire Todd Boehly — and private plane service Flexjet will bring a rare double-digit return to investors during a tough period for blank-check firms.

Flexjet will pay a $30 million termination fee to Horizon, enabling the special-purpose acquisition company to distribute $11.33 per share to common stockholders. That’s a roughly 13% return for investors who bought the stock at its $10 initial public offering price or snapped up shares at a discount since its debut. 

Shares of the SPAC rallied 12% to $11.29 Wednesday. Horizon intends to liquidate, with its last trading day on April 25.

The broken deal is the year’s 17th canned SPAC pact. Blank checks, which raise money with the goal of taking private companies public, are supposed to offer safe returns for early investors who buy in at the IPO price and bank the subsequent gains. 

Among the biggest winners from Horizon’s bolstered liquidation price are the sponsors, who own roughly 88% of the Class A shares, the company said in a statement. The SPAC raised $525 million in its October 2020 IPO, however, about two-thirds of its shares were redeemed for cash by investors two years later.

The SPAC carried a deal sweetener: a warrant entitling holders to buy more shares at a discount if things went well, creating the prospect of a windfall for investors who bet on it early and a binary option for others. Horizon Acquisition II’s warrants, which traded as high as $3.27 in March 2021, will be worthless when they expire — wiping out millions for those who traded the derivative.

Boehly, an ex-Guggenheim Partners executive who co-owns the Los Angeles Dodgers, is among several high-profile financiers to start SPACs during the blank-check company boom over the past few years. He brought Vivid Seats Inc. public in October 2021 — the ticketing marketplace company closed at $8.25 on Tuesday.

SPACs have been closing and returning cash to investors at an increasing rate. At least four blank checks announced plans to liquidate on Tuesday evening alone, that’s on top of 74 that have already shuttered this year, data from SPAC Research show.

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