Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations.
Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions.
Tom Staggs and Kevin Mayer, Co-CEOs and Co-Chairpersons Forest Road, noted, “While we maintain our belief that HyperloopTT’s technology has the potential to address some of today’s most profound transportation challenges, persistent negative market conditions, coupled with our upcoming expiration date, made the execution of our proposed business combination challenging.” The SPAC was facing a completion deadline of March 23.
As for 10X Capital Venture III, the SPAC was hoping to complete its combination with power infrastructure firm Sparks, but the parties mutually terminated the deal without disclosing further details. Danville, Alabama-based Sparks provides electrical infrastructure maintenance and recovery services.
Following the termination of the merger agreement, 10X III intends to seek an alternative business combination and recently extended its liquidation date, which was approved by shareholders on December 28. The SPAC now has until October 24, to find a new target and complete a business combination.
10X III announced the pricing of its upsized $261 million IPO on January 11, 2022 and originally intended to combine with a high growth technology and tech-enabled business in the consumer internet, ecommerce, software, healthcare or financial services industries. The SPAC is led by Chairman and CEO Hans Thomas, COO and Head of Origination David Weisburd, CFO Guhan Kandasamy, and President and Head of Capital Markets Oliver Wriedt
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