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.
GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...
Anzu Special Acquisition Corp I (NASDAQ:ANZU) announced this afternoon that its stockholders voted in favor of the proposed business combination with Envoy Medical Corporation (“Envoy”), held earlier today. Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the business combination to be consummated on September 29, 2023....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...