Benessere (NYSE:BENE) announced in an 8-K this morning that its merger target eCombustible has terminated the pair’s combination agreement.
This comes as Benessere has just a few weeks until its November 7, 2022 transaction deadline and it has seen 39.8% of shares redeemed through two previous extensions. According to the filing, Benessere was informed eCombustible was terminating the agreement on October 8, which was both nine days ago and one day past the deal’s outside date.
It originally announced the combination with hydrogen fuel producer eCombustible on November 24, but the SPAC’s team has also been busy with its other deal as Chairman and CEO Patrick Orlando serves in the same role for Digital World (NASDAQ:DWAC). Digital World has a pending combination with Trump Media and Technology Group (TMTG), which has seen a great deal of complications and is itself in the midst of a limbo over its extension deadline.
Orlando’s first SPAC, Yunhong International, became the first SPAC to liquidate in 2021 despite having secured an extension soon before it did so. But, this also occurred after Digital World’s announcement with TMTG, which was trading hot and likely requiring a great deal of bandwidth with PIPE negotiations ongoing.
As it happens, those PIPE talks are continuing to this day and with them a variety of other distractions. Benessere noted in the same filing that Board member Joseph Porello would also resign but that this “was not the result of any disagreement with Benessere’s operations, policies or practices.”
Porello, who runs a legal practice in Florida aimed at serving physicians and high-net-worth individuals, was appointed to the SPAC’s Board in November 2021 to replace one of two directors that resigned at that time.
Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...
Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...
InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...
10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...