Globalink Investment Inc. (GLLI) Terminates Tomorrow Crypto Group Deal
by Marlena Haddad on 2023-03-14 at 5:35pm

Globalink (NASDAQ:GLLI) announced this afternoon that it has terminated its deal with Tomorrow Crypto Group Inc.

The SPAC did not provide further details on the termination and it remains unclear if the breakup was mutual, but Globalink confirmed that it intends to continue its search for an alternative target to combine with.

It originally entered into the $310 million business combination with Tomorrow Crypto in August 2022 and expected to close the deal by the end of the year. New York-based Tomorrow Crypto aims to launch a Bitcoin and Etherium mining platform and provide infrastructure to institutional grade mining clients.

Globalink planned on bringing $116.7 million into the deal from its trust supplemented by a $15 million PIPE made up of Series A convertible preferred stock and Globalink warrants. But, after an extension meeting held earlier this month, the SPAC saw 58.75% of its trust wiped out from redemptions, leaving it with $49.19 million post-vote.

It now faces a completion deadline of September 9, and can extend this further by an additional three months to December 9. Globalink intends to pursue targets in North America, Europe, South East Asia, and Asia in the technology industry, specifically within the e-commerce and payments sectors.

 

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved