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 Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...