Aries I Acquisition Corp. (NASDAQ:RAM) announced in an 8-K filing this afternoon that it has terminated its combination agreement with metaverse technology firm Infinite Assets.
The SPAC plans to continue to seek out a combination target, but will likely have to fund extensions to do so. Its initial transaction deadline is coming up on December 21, but the company may automatically extend it with monthly contributions of the lesser of $120,000 or $0.035 per share to its trust until August 21, 2023.
This week marked the one-year anniversary of when Aries initially announced its $554 million combination with Infinite Assets. Miami-based Infinite Assets had been developing a marketplace for creators to sell NFTs and creative tools to generate new ones tailored to both individuals and brands.
But, between then and now, the bottom has fallen out of the NFT market with major drops in the broader crypto space and some rising skepticism of Web3 in general.
In August, Infinite Assets announced it would acquire independent gaming studio SuperBitMachine in part with share compensation from the combined company.
The parties bumped up Infinite Assets’ proposed post-money equity value by $2 million to $527 million to account for this, but they did not end up attaching a PIPE or other committed financing structure throughout the process, with transaction expenses expected to total $20 million.
Against this backdrop, investors may have been surprised to see Newbury Street (NASDAQ:NBST) announce a $1.85 billion deal in the space one year to the day since the Aries I/Infinite Assets announced their own.
As such, the stalling of this deal and other announced deals in crypto has not dissuaded SPACs from hunting in the space.
Trailblazer Merger Corporation I priced its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TBMCU” Wednesday, March 29, 2023. The SPAC intends to focus its search on companies operating in the technology industry in the following segments: cloud as a service, supply chain technologies, servicing the hybrid workforce...
Alpine (NYSE:REVE) announced this afternoon that it has again adjourned its special meeting to complete its transaction with experiential entertainment company Two Bit Circus. The SPAC originally intended to hold its special meeting on February 24, but has adjourned it four times since then. Alpine now expects to reconvene the meeting on March 30 at 12:00 p.m....
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned its extension vote today and will reconvene the special meeting at 10:30 am ET on March 30. At the upcoming meeting, the SPAC hopes to gain shareholder approval to extend its completion deadline from April 4, 2023, to October 4, 2023. Home Plate announced a $214 million business combination with...
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DiamondHead Holding Corps. (NASDAQ:DHHC) announced in an 8-K this morning that it has entered into subscription agreements with lock-up investors and PIPE investors in connection to its business combination with Great Southern Homes. Although the deal was approved by shareholders during a meeting last Thursday, the parties are still working to raise funds to meet...