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.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...