Evo Acquisition Corp. (EVOJ) Terminates 20Cube Logistics Deal
by Nicholas Alan Clayton on 2023-04-27 at 7:12am

Evo Acquisition Corp. (NASDAQ:EVOJ) announced that it has mutually terminated its business combination with Singaporean logistics software firm 20Cube.

The parties did not provide the causes of the breakup, but noted that the sides had signed agreements to terminate on mutually acceptable terms.

Evo is coming up on its completion deadline May 8, but it may extend this in one-month increments until August 8. Gaining this ability through a vote late December saw it lose most of its trust, however, with 92.3% redemptions.

That left it with $9.7 million in trust and it planned to further support the transaction with $20 million in convertible notes and a $25 million PIPE, but those mechanisms appeared to not be finalized at the time of the deal’s announcement. Either side had the right to terminate the deal should Evo fail to gather $25 million in binding equity funding.

This makes for a ill-fated streak among SPAC transactions in logistics technology, which was a hot sector through the recent years’ supply chain crunches. 20Cube competitor Transfix also wound up terminating its SPAC combination while Freightos, which completed a combination with Gesher I in January has slumped to $2.55 since.

Recent Posts
by Nicholas Alan Clayton on 2025-04-02 at 2:59pm

As the 2025 market environment settles in, SPACs have an increasingly defined role within the capital markets ecosystem, more often bringing midcap companies public, while traditional IPO deal flow has skewed smaller over time. And, as this new analysis shows, SPACs have been frequently offering investors higher upside when these companies excel. Of course, as...

by Nicholas Alan Clayton on 2025-04-02 at 8:18am

At the SPAC of Dawn Despite the jitters sent through the market ahead of today’s festival of tariff implementations, SPACs have shown themselves to be unconcerned with “Liberation Day” as two teams priced their IPOs and will debut in the eye of the storm later today. That makes for four new SPAC listings on the...

by Nicholas Alan Clayton on 2025-04-02 at 7:57am

Soulpower Acquisition Corporation  (NYSE:SOUL.U) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the NYSE under the symbol “SOUL.U”, Wednesday, April 2, 2025. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus...

by Nicholas Alan Clayton on 2025-04-01 at 8:05pm

Sizzle Acquisition Corp. II (NASDAQ: SZZLU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SZZLU”, Wednesday, April 2, 2025. Sizzle II plans to search for a target in a range of industries and combine with an established business of scale poised...

by Jonathan Perez on 2025-04-01 at 4:50pm

In March 2025, SPAC activity remained largely in line with February, though notable shifts emerged across extensions, announced transactions, and completions. Extension activity remained steady, with a slight increase in the number of SPACs seeking additional time. However, later-stage extensions became more common, reflecting a maturing SPAC landscape. Announced transaction volume continued to be weak,...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved