Goldenbridge Acquisition Limited (NASDAQ:GBRG) has mutually terminated its combination agreement with solutions provider AgiiPlus.
The press release did not cite a reason for the breakup, but similar to several deals in the first half of 2022, the unfavorable market conditions are likely to be a factor. Goldenbridge will continue to seek out an alternative business combination, but has a transaction deadline quickly approaching on June 4. Fortunately, the SPAC is allowed to extend another two times by an additional three months each time by contributing $0.10 per share to the trust, giving it a deadline of December 4 if they choose to extend.
As a reimbursement of certain expenses incurred by Goldenbridge, AgiiPlus will have to pay Goldenbridge $150,000 within fifteen (15) business days of the termination date.
The current market pain is still affecting SPACs and IPOs alike, making Goldenbridge’s deal the 20th to terminate this year and the fifth in the technology sector. The SPAC originally priced a $50 million IPO in March 2021 and will continue to consider its options in the artificial intelligence sector or any other related technology innovations market.
Goldenbridge initially announced its $578 million combination with AgiiPlus in October 2021. Shanghai-based AgiiPlus provides flexible office space and software solutions to businesses in China and Singapore.
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