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.
Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....
Gores Holdings X Inc. (NASDAQ:GTENU) announced the pricing of its upsized $312 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTENU”, Friday, May 2, 2025. The new SPAC aims to combine with a target company in the industrials, technology, healthcare, or consumer sectors. Gores X’s management team...
Wen Acquisition Corp. (NASDAQ:WTENNU) has filed for a $261 million SPAC to hunt for a crypto or financial services target with a team staffed by former advisors to the FinTech SPAC series. The new SPAC is not overfunded and will have a 1/2 warrant in each unit with 24 months to initially complete a business...
April highlighted two defining trends in the SPAC market: an increased reliance on extended deadlines and a surge in announced transactions. Extension votes doubled compared to March, while the number of De-SPAC deals disclosed reached nine in April alone. These developments underscore a market that remains active but continues to rely on deadline extensions, largely...
D. Boral ARC Acquisition Corp. I has filed for a $250 million SPAC to be David Boral’s first in-house SPAC since the internal split at the firm formerly known as EF Hutton. Before that split, Boral and his former partner Joseph Rallo served as executive managers for the EF Hutton I SPAC, which ultimately combined...