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.
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...
Mercato Partners Acquisition Corporation (NASDAQ:MPRA) announced this afternoon via 8-K that its shareholders have approved its combination with Nuvini at a special meeting held earlier today. With 79.74% of the voting power of the Common Stock participating in the vote, the combination was overwhelmingly approved. 7,975,698 shares were recorded voting for the transaction, while only 38,008...
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...