Genesis Growth Tech Acquisition Corp. (GGAA) Mutually Terminates NextTrip Deal
by Marlena Haddad on 2023-08-18 at 5:05pm

Genesis Growth Tech Acquisition Corp. (NASDAQ:GGAA) announced this afternoon that it has mutually terminated its combination with travel technology firm NextTrip just months after their deal announcement.

The parties did not disclose why they decided to nix the deal and did not provide further details. Genesis Growth originally announced its business combination with NexTrip three months ago in May.

It brought just over $1 million into the deal from its current trust after seeing 99.6% redemptions in earlier votes and did not supplement this with additional outside capital. Sunrise, Florida-based NextTrip provides an ecommerce booking platform for air travel, accommodations and other leisure experiences.

This marks Genesis Growth’s second termination, the first being the cancellation of a $312 million memorandum of understanding (MoU) with French medical software firm Biolog-id in March.

This deal also did not include committed outside capital, but did stipulate a minimum of $20 million in cash to close. Then, all but 101,039 of Genesis Growth’s shares were redeemed in a February extension vote. Two weeks later, the parties ended their merger, presumably recognizing that achieving the $20 million threshold was unlikely.

Genesis Growth Tech does have an extension proxy on file, aiming to extend its deadline to December 13, 2024, signaling that it is optimistic that the third time will be the charm for completing a deal.

 

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