KludeIn I Acquisition Corp. (NASDAQ:INKA) announced in an 8-K this afternoon that it has lowered the valuation for its combination target Near while pushing out the deal’s outside date from January 11 to April 11.
Near’s base value is to go down 14.8% from $675 million to $575 million, plus any proceeds brought in by the transaction’s permitted equity financing. In exchange for this concession, KludeIn I’s sponsor has also agreed to forfeit 237,500 promote shares (5.5%).
Pasadena, CA-based Near helps businesses better understand consumer behavior to unlock growth strategies through data intelligence solutions. The parties initially announced their combination on May 19.
At announcement, KludeIn I noted it aimed to arrange a $95 million, but has not yet outlined specific arrangements for this. The deal did however include a $100 million committed equity facility funded by Cantor Fitzgerald, under which it could be directed to purchase shares following the transaction’s close.
An earlier tweak to the deal in November also allowed Near to borrow up to $100 million in debt, with such amounts to be counted towards the transaction’s $95 million minimum cash condition. This is apparently to come from Blue Torch Capital, according to a company press release.
KludeIn I is to hold a special meeting on January 6 to extend the SPAC’s transaction deadline to April 11.
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