Parabellum Acquisition Corp. (PRBM) Terminates EnOcean Deal, Will Liquidate
by Marlena Haddad on 2023-05-01 at 8:53am

Parabellum Acquisition Corp. (OTC:PRBM) announced this morning that its business combination with internet of things (IoT) device-maker EnOcean has been terminated and it will now liquidate its trust.

On April 28, EnOcean delivered a termination letter to the SPAC announcing that it was exercising its right to terminate the deal, but did not provide further information about the breakup. However, as part of the Business Combination Agreement, EnOcean was allowed to terminate the deal if on or prior to February 28, 2023, Parabellum failed to deliver PIPE Subscription Agreements for an aggregate amount of at least $30,000,000.

Parabellum originally brought about $146.5 million into the deal through its trust, but saw 83.07% redeemed in a previous meeting, leaving it with $24.78 million post-vote. The SPAC planned to supplement this with up to $40 million in additional financing before close and expected to raise $23.7 million in additional outside funding.

The parties announced the $167 million deal in November 2022. Oberhaching, Germany-based EnOcean makes low-power IoT devices for smart buildings and offices.

Parabellum has a completion deadline of May 30, but now that the deal is officially terminated, PRBM is no longer searching to combine with alternative targets as it has determined it will not be able to complete a transaction in time.

As a result, the SPAC will now start the process of dissolving and liquidating its assets. Parabellum will redeem all of the outstanding shares and its sponsor will no longer deposit the necessary monthly funds to the trust to extend its timeline.

 

Parabellum Acquisition Corp. (PRBM) Terminates EnOcean Deal, Will Liquidate
Recent Posts
by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved