Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations.
Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions.
Tom Staggs and Kevin Mayer, Co-CEOs and Co-Chairpersons Forest Road, noted, “While we maintain our belief that HyperloopTT’s technology has the potential to address some of today’s most profound transportation challenges, persistent negative market conditions, coupled with our upcoming expiration date, made the execution of our proposed business combination challenging.” The SPAC was facing a completion deadline of March 23.
As for 10X Capital Venture III, the SPAC was hoping to complete its combination with power infrastructure firm Sparks, but the parties mutually terminated the deal without disclosing further details. Danville, Alabama-based Sparks provides electrical infrastructure maintenance and recovery services.
Following the termination of the merger agreement, 10X III intends to seek an alternative business combination and recently extended its liquidation date, which was approved by shareholders on December 28. The SPAC now has until October 24, to find a new target and complete a business combination.
10X III announced the pricing of its upsized $261 million IPO on January 11, 2022 and originally intended to combine with a high growth technology and tech-enabled business in the consumer internet, ecommerce, software, healthcare or financial services industries. The SPAC is led by Chairman and CEO Hans Thomas, COO and Head of Origination David Weisburd, CFO Guhan Kandasamy, and President and Head of Capital Markets Oliver Wriedt
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...