Genesis Growth Tech Acquisition Corp. (NASDAQ:GGAA) announced this afternoon that it has mutually terminated its combination with travel technology firm NextTrip just months after their deal announcement.
The parties did not disclose why they decided to nix the deal and did not provide further details. Genesis Growth originally announced its business combination with NexTrip three months ago in May.
It brought just over $1 million into the deal from its current trust after seeing 99.6% redemptions in earlier votes and did not supplement this with additional outside capital. Sunrise, Florida-based NextTrip provides an ecommerce booking platform for air travel, accommodations and other leisure experiences.
This marks Genesis Growth’s second termination, the first being the cancellation of a $312 million memorandum of understanding (MoU) with French medical software firm Biolog-id in March.
This deal also did not include committed outside capital, but did stipulate a minimum of $20 million in cash to close. Then, all but 101,039 of Genesis Growth’s shares were redeemed in a February extension vote. Two weeks later, the parties ended their merger, presumably recognizing that achieving the $20 million threshold was unlikely.
Genesis Growth Tech does have an extension proxy on file, aiming to extend its deadline to December 13, 2024, signaling that it is optimistic that the third time will be the charm for completing a deal.


At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...