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.
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