Highland Transcend Partners I Corp. (NYSE:HTPA) announced this afternoon that it has mutually terminated its combination with ecommerce service provider Packable.
As with other recent terminations, the parties cited “current unfavorable market conditions” as the cause of the breakup.
However, the SPAC is still required to hold its shareholder’s meeting on Tuesday, March 29. Although this meeting’s purpose was to vote on the business combination, HTP intends to present the Adjournment Proposal instead. If approved, the special meeting will be adjourned indefinitely in accordance with Cayman Islands law and the terms of HTP. Any shareholders who submitted redemptions will have the opportunity to withdraw it any time by notifying HTP’s transfer agent.
The current market pain is raining down on SPACs and IPOs alike, making Highland Transcend’s deal the 15th to terminate this year. For now, the SPAC is considering its options in the disruptive commerce, digital media and services, and enterprise software sectors, and still has some time left with a termination deadline set for December 2022.
The parties originally announced the $1.55 billion combination last year on September 9. Hauppauge, New York-based Packable operates the ecommerce platform Pharmapacks and serves consumer brands in managing their own ecommerce optimization and fulfillment in other marketplaces.
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