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.
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