Arogo Capital Acquisition Corp. (NASDAQ:AOGO) announced this morning that it has terminated its business combination with metaverse training company EON Reality.
While the parties did not provide a reason for the termination, Arogo Capital did state that it intends to continue its search for an alternative target to combine with.
The SPAC raised a total of $105.1 million in total proceeds from its IPO in December 2021, but saw nearly 83% of its trust removed following redemptions from an extension vote in September, leaving it with approximately $19 million post-vote.
Although Arogo Capital has a current completion deadline of November 29, it can extend this timeline until December 2024 to find a target to combine with. The SPAC originally set out to focus its search for a target with operations in EVs, technology, smart mobility or sustainable transportation, and related business ecosystems in the Asia Pacific, primarily Southeast Asia.
It originally announced the $655 million deal with EON Reality in April 2022. The deal did not include a PIPE and the parties had previously agreed to waive a minimum cash closing condition. Irvine, California-based EON Reality provides augmented and virtual reality tools to academic institutions and corporations for training purposes.
At the SPAC of Dawn This shortened trading week could be a rocky one as the market takes in the first wave of initiatives out of the new US administration and will have what are technically the first Trump 2.0 jobs numbers released on Thursday. It should be somewhat quieter for SPACs working through their...
Terms Tracker for the Week Ending January 17, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We may be heading into a Polar Vortex, but SPACs managed to generate some heat this week with three more IPOs. For those keeping count,...
Giving internet users a place to chat or post pictures of their lunch has never been an especially profitable endeavor until social media platforms gain the scale to leverage user data en masse like Meta (NASDAQ:META). But, the addition of retail investor appetites to the equation has suddenly turned even smaller platforms into a tantalizing...
At the SPAC of Dawn This week comes to a close with the debut of the year’s fourth SPAC IPO as Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) priced last night. This brings the month’s total IPO proceeds to $597.5 million, which is already a drastic year-on-year improvement from January 2023, which saw just $144 million...
Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HVIIU”, Friday, January 17, 2025. The new SPAC intends to seek out a business combination with a company in the industrial technology and energy transition sectors. Hennessy...