Moringa Acquisition Corp. (NASDAQ:MACA) announced this afternoon that travel booking platform Holisto has terminated its business combination with the SPAC.
On August 7, Moringa received a notice from the Israeli travel company stating it will be terminating the deal pursuant to Section 7.1 of the business combination agreement, which allows the target or the SPAC to nix the deal if it is not completed by January 1, 2023. However, there appears to be a termination fee associated where Holisto is obligated to pay $3 million to Moringa.
Moringa originally announced the $520 million deal with Holisto in June 2022. Rishon Le’Zion, Israel-based Holisto provides AI and machine-learning tools to connect travelers with accommodation and other travel options more efficiently through existing booking platforms.
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