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.
Hammerhead Energy Inc. (NASDAQ: HHRS), which combined with Decarbonization Plus IV, has announced the results of its substantial issuer bid that expired at 5:00 p.m. ET on June 2. Under the bid, HEI offered to purchase for cancellation up to 20 million of its warrants, representing approximately 70% of its total number of issued and outstanding warrants, to purchase...
Terms Tracker for the Week Ending June 2, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As is typical of slow holiday weeks, this past week for SPACs was no exception. To wit, there were zero new S-1s filed, zero amendments...
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...