Tuscan Holdings Corp. II (NASDAQ:THCA) announced this morning that it has mutually agreed to terminate its combination with regional air travel company Surf Air Mobility.
The press release included little other information, but an 8-K filing notes that should Surf later complete a direct listing, IPO, private sale or further SPAC transaction between now and November 14, 2025, it will issue 600,000 shares to Tuscan II and as well as either 35,000 shares or $700,000 as a termination fee.
As for Tuscan II, it continues to be the oldest SPAC that has not yet completed a deal, having IPO’d on July 12, 2019. Greencity (NASDAQ:GRCY) is the next oldest SPAC in the searching column and is more than a full year younger, having listed on July 24, 2020.
Tuscan II now faces a transaction deadline on November 30 and has already seen 84.8% of shares redeemed in five extension votes. It initially announced its $1.4 billion combination with Surf Air Mobility on May 18.
Surf Air is developing technology to electrify small passenger aircraft and agreed to merge with commuter airline Southern Airways concurrently with the close of the business combination.
The skies have been a mixed bag for air mobility SPACs, with the seven de-SPACs in the aviation and eVTOL spaces that completed deals in the past two years last closing at a median price of $4.10. But, this does include standout Eve (NYSE:EVEX), which closed Tuesday trading at $10.43 having completed its combination with Zanite in May.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....