EdtechX Holdings Acquisition Corp. II (EDTX) Terminates zSpace Deal
by Marlena Haddad on 2023-06-27 at 5:52pm

EdtechX Holdings Acquisition Corp. II (NASDAQ:EDTX) announced this afternoon that it has terminated its business combination with edtech firm zSpace.

The SPAC disclosed that the deal was nixed due to certain breaches by zSpace of the terms of the merger agreement and intends to evaluate all options available to it at this time, including taking legal action against its former target.

EDTX originally planned on bringing $117 million into the deal from its trust along with a $25 million committed PIPE at $10.15 per share. The PIPE drew from two key existing security holders, bSpace Investments Limited and Kuwait Investment Authority, in exchange for the retirement of an equal amount of indebtedness owed by zSpace to bSpace and Kuwait Investment Authority.

San Jose, CA-based zSpace provides commercial augmented reality and virtual reality technology in the global education market with a focus on learning software modules for K-12 STEM applications.

With a completion deadline of December 15, it appears EdtechX II intends to continue its search for a suitable target.  Although the SPAC initially raised $116.7 million from its IPO, it is now left with roughly $800,000 after seeing 99.35% of its trust removed due to redemptions during a June vote.


Recent Posts
by Kristi Marvin on 2023-12-02 at 11:45am

Terms Tracker for the Week Ending December 1, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the most part, this was a quiet week for filings being that it followed the Thanksgiving holiday. Ideally, bankers, lawyers and teams got a...

by Marlena Haddad on 2023-12-01 at 5:39pm

Aimei Health Technology Co., Ltd (NASDAQ: AFJKU) announced the pricing of its $60 million IPO this evening. Its units are expected to begin trading on the Nasdaq under the symbol “AFJKU” on Monday, December 4, 2023. After the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to...

by Marlena Haddad on 2023-12-01 at 4:43pm

PROOF Acquisition Corp I (NYSE: PACI) announced this afternoon that it has closed its business combination with private aviation company Volato after shareholders approved the deal at a meeting on November 28. In total, including previous shareholder votes, shareholders opted to redeem an aggregate of 99.93% of PACI’s trust, leaving it with less than $215,000...

by Marlena Haddad on 2023-12-01 at 9:34am

Adit EdTech (NYSE: ADEX) announced this morning that its shareholders have approved its business combination with bitcoin self-mining company Griid Infrastructure at a special meeting held yesterday, November 30. A total of 8,520,710 shares of common stock, representing approximately 95.7% of the outstanding shares entitled to vote, were present at the meeting, constituting a quorum...

by Nicholas Alan Clayton on 2023-12-01 at 7:49am

At the SPAC of Dawn There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today. The fighting in Gaza continues to not appear to have appreciable affects on the...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved