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.


At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...