Metal Sky Star Acquisition Corp. (NASDAQ:MSSA) disclosed yesterday that it has mutually terminated its combination with blockchain company Future Dao Group Holding Limited.
While the two sides did not disclose a reason for the parting of ways, the announcement comes shortly before Metal Sky’s extension meeting, scheduled for October 30. The SPAC is currently facing a completion deadline of November 3, 2023, but is expecting to gain shareholder approval to extend this until August 5, 2024.
Metal Sky originally raised around $115 million in its March 2022 IPO. However, it only brought $56.9 million into the deal through its current trust after seeing 51.18% redemptions in a January meeting.
Aside from going into a shareholder meeting with 51% of the trust already redeemed, at issue could have been the crypto market in general or the difficulty securing additional capital. The parties noted at deal announcement that they would make commercially reasonable efforts to secure PIPE financing, but had not made any financing announcements.
Metal Sky initially announced its $350 million business combination with Future Dao in April. Singapore-based Future Dao is an emerging blockchain technology company focused on Bitcoin mining and the provision of blockchain technology services after listing.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...