SPACInsider Logo
eCombustible Terminates Deal with Benessere (BENE)
eCombustible Terminates Deal with Benessere (BENE)
by Nicholas Alan Clayton on 2022-10-17 at 7:38am

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.

 

Recent Posts
by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved