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.
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...
NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...
At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...
Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...
Oyster Enterprises II (NASDAQ:OYSEU) has filed for a $200 million SPAC to pursue a broad investment thesis, but one informed by the way that AI is shaking up industries. The new SPAC has units each containing one right to a 1/10 share and it will have 24 months to initially complete a business combination without...