Arogo Capital Acquisition Corp. (NASDAQ:AOGO) announced this morning that it has terminated its business combination with metaverse training company EON Reality.
While the parties did not provide a reason for the termination, Arogo Capital did state that it intends to continue its search for an alternative target to combine with.
The SPAC raised a total of $105.1 million in total proceeds from its IPO in December 2021, but saw nearly 83% of its trust removed following redemptions from an extension vote in September, leaving it with approximately $19 million post-vote.
Although Arogo Capital has a current completion deadline of November 29, it can extend this timeline until December 2024 to find a target to combine with. The SPAC originally set out to focus its search for a target with operations in EVs, technology, smart mobility or sustainable transportation, and related business ecosystems in the Asia Pacific, primarily Southeast Asia.
It originally announced the $655 million deal with EON Reality in April 2022. The deal did not include a PIPE and the parties had previously agreed to waive a minimum cash closing condition. Irvine, California-based EON Reality provides augmented and virtual reality tools to academic institutions and corporations for training purposes.
At the SPAC of Dawn Last week’s hot streak continues this week in the form of a high volume of votes for SPACs. Two are seeking approvals for their business combinations while six more aim to get the stamp on their extension votes. Investors will also have an eye on upcoming Fed comments on Wednesday...
Terms Tracker for the Week Ending May 2, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. April wrapped with some real momentum. Over the course of the month, 19 SPACs filed new S-1s, while 12 IPOs priced. Furthermore, nine deal announcements...
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...