InterPrivate III Financial Partners Inc. (NYSE:IPVF) announced this afternoon that it has terminated its combination with ESG-focused financial services firm Aspiration, effective August 29.
The SPAC did not disclose further information as to why the parties nixed the deal. But, since this merger agreement was amended previously and included additional language around termination in section 9.03(b), it appears IPVF is entitled to a termination fee. In simplified terms, the Second Amended and Restated Merger Agreement notes that in a qualifying termination, InterPrivate III is entitled to receive a termination fee of $7 million. Plus, IPVF is entitled to equity interests equaling $13 million, but only if Aspiration raises at least $50 million within 180 days of the termination.
However, InterPrivate III noted that it “cannot provide any assurance that it will receive the termination payments to which it is entitled.”
Additionally, IPVF notes that the termination constitutes a “qualifying termination” pursuant to Section 9.01 of the amended merger agreement. This states that the deal can be terminated for any reason at any time following the 90th day after the second amendment date, but before the outside date of August 31. The date of the Second Amended and Restated Merger Agreement was July 21, 2022.
The parties inked the $1.9 billion deal in August 2021, almost exactly two years ago. Marina del Rey, California-based Aspiration provides a fintech platform allowing consumer and business customers to make and track sustainability impacts with their payments activity.
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...
Welsbach Technology Metals Acquisition Corp. (WTMA) to Discuss Non-Redemption Agreements Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) announced in an 8-K today that it intends to discuss signing non-redemption agreements of unspecified size with investors ahead of its September 28 extension vote. Any takers on the offer would receive additional shares in the company’s combination target...
Latest SPAC Liquidations: Iconic Sports Acquisition Corp. Iconic Sports Acquisition Corp. (ICNC) to Liquidate on October 11, 2023 Iconic Sports Acquisition Corp. (NYSE: ICNC), today announced that its board of directors has determined to redeem all of its issued and outstanding Class A ordinary shares, effective as of October 11, 2023. The Company anticipates that...