InterPrivate III Financial Partners Inc. (IPVF) Terminates Aspiration Deal
by Marlena Haddad on 2023-08-22 at 6:21pm

InterPrivate III Financial Partners Inc. (NYSE:IPVF) announced this afternoon that it has terminated its combination with ESG-focused financial services firm Aspiration, effective August 29.

The SPAC did not disclose further information as to why the parties nixed the deal. But, since this merger agreement was amended previously and included additional language around termination in section 9.03(b), it appears IPVF is entitled to a termination fee.  In simplified terms, the Second Amended and Restated Merger Agreement notes that in a qualifying termination, InterPrivate III is entitled to receive a termination fee of $7 million. Plus, IPVF is entitled to equity interests equaling $13 million, but only if Aspiration raises at least $50 million within 180 days of the termination.

However, InterPrivate III noted that it “cannot provide any assurance that it will receive the termination payments to which it is entitled.”

Additionally, IPVF notes that the termination constitutes a “qualifying termination” pursuant to Section 9.01 of the amended merger agreement. This states that the deal can be terminated for any reason at any time following the 90th day after the second amendment date, but before the outside date of August 31. The date of the Second Amended and Restated Merger Agreement was July 21, 2022.

The parties inked the $1.9 billion deal in August 2021, almost exactly two years ago. Marina del Rey, California-based Aspiration provides a fintech platform allowing consumer and business customers to make and track sustainability impacts with their payments activity.


Recent Posts
by Nicholas Alan Clayton on 2023-09-29 at 11:29am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  $1 bln metals SPAC deal backed by Glencore, automakers collapses A $1 billion metals deal by blank-cheque fund ACG Acquisition Co has been terminated following delays when the different sides, which included a leading global miner and...

by Nicholas Alan Clayton on 2023-09-29 at 11:17am

TradeUP (NASDAQ:UPTD) announced this morning that it has closed its combination with Estrella Biopharma and its shares and warrants will begin trading on the Nasdaq under the symbols “ESLA” and “ESLAQ” on October 2. This will be the first time that TradeUp sub-unit’s will split into shares and their accompanied 1/2 warrants. The SPAC secured...

by Nicholas Alan Clayton on 2023-09-29 at 8:34am

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this morning that its shareholders approved its combination with EV motorcycle-maker SRIVARU at a special meeting September 28. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down to 195,992 through the vote. But, on September 27, Mobiv provided an update exhorting redeemers to change their decisions, noting that its ex-redemptions...

by Nicholas Alan Clayton on 2023-09-29 at 7:03am

Hennessy Capital Investment Corp VI (NASDAQ:HCVI) announced overnight that it plans to adjourn today’s 9 am ET extension vote and reopen it at 3 pm ET this afternoon. This does not technically change the redemption deadline for investors, but those wishing to withdraw their redemption requests may still do so by 2 pm ET today....

by Kristi Marvin on 2023-09-28 at 5:32pm

Latest SPAC Liquidations: Schultze Special Purpose Acquisition Corp. II Schultze Special Purpose Acquisition Corp. II (SAMA) to Liquidate on October 11, 2023 Schultze Special Purpose Acquisition Corp. II (Nasdaq: SAMA), announced that it will redeem all of the outstanding shares of its Class A common stock effective as of October 11, 2023. The Company expects...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved