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.
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