AGBA (NASDAQ:AGBA) announced this afternoon that it has made a few changes to its proposed merger with the five subsidiaries of financial holding company TAG.
As part of today’s amendment, the parties extended the outside closing date from October 31 to December 31. AGBA and TAG also agreed that the aggregate stock consideration less 3% of the holdback shares will be delivered to TAG and will be released at the end of the survival period, provided that AGBA will be entitled to retain some or all of the shares.
Further, the amendment waived the deal’s minimum cash closing condition of $35 million as well as the requirement for a PIPE. AGBA initially brought about $46 million in cash from its current trust into the deal without a PIPE, but at the time of the deal announcement, the SPAC noted that they may later supplement it with one.
The final modification made to the deal provided that TAG agreed to an irrevocable and unconditional undertaking to not distribute the aggregate stock consideration to its ultimate beneficial shareholders.
AGBA announced its $555 million combination with TAG in November 2021. The divisions in question are TAG International, a B2B services company, and its own subdivisions TAG Asset Partners, OnePlatform International, OnePlatform Holdings, and TAG Asia Capital Holdings. These companies, some of which operate in Hong Kong, but are based in the British Virgin Islands, are to be restructured by the transaction into separate B2B and fintech branches.
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...