Insight Acquisition Corp. (NASDAQ:INAQ) announced this afternoon that it has mutually terminated its combination with oil and gas producer Avila (CSE:VIK), effective immediately.
The parties noted that they have nixed the deal as a result of challenging conditions in the SPAC market. “Due primarily to the changes that have occurred in the SPAC market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list on NASDAQ,” Avila’s CEO, Leonard van Betuw, stated in today’s press release. Mr. Betuw also emphasized Avila’s intention to maintain a strong business relationship with Insight’s management team going forward.
As part of the termination, Avila has agreed to pay Insight $300,000 as partial reimbursement of its costs relating to the business combination prior to April 1, 2024.
As for Insight, the SPAC filed an extension proxy shortly after the announcement. For the time being, it currently faces a completion deadline of September 7, but is hoping to gain shareholder approval to extend this up to nine additional months to June 7, 2024.
It originally raised $241.2 million in gross proceeds from its September 2021 IPO, but after seeing 88.13% of its trust redeemed during previous votes, it is now left with $10.2 million.
Insight originally announced the $192.6 million deal with Avila in April. Calgary-based Avila operates oil and gas fields in Western Alberta and is working to transition to selling clients renewable energy products.
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