(Bloomberg) -- A blank-check firm backed by billionaire Sam Zell’s Equity Group Investments will return the cash it raised and close shop after failing to reach a merger deal.

Equity Distribution Acquisition Corp., which is chaired by Zell, plans to stop trading at the close on Sept. 16, two years after it went public. The SPAC will redeem all outstanding Class A shares on Sept. 19, and “shall cease all operations except for those required to wind up the company’s business,” it said.

The move followed a flurry of SPAC mergers that were called off as target firms and sponsors dealt with the market turmoil earlier this year that has shaken the industry and capital markets.

Warrants tied to Equity Distribution Acquisition crashed 74% to a less than one cent, and the derivatives will expire worthless. The stock closed at $9.97 on Tuesday.

Read: Wave of SPAC Deals Canceled in Latest Blow to Stumbling Industry

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