SPACInsider Logo
Tuscan Holdings Corp. II (THCA) Terminates Deal with Surf Air Mobility
by Nicholas Alan Clayton on 2022-11-16 at 8:55am

Tuscan Holdings Corp. II (NASDAQ:THCA) announced this morning that it has mutually agreed to terminate its combination with regional air travel company Surf Air Mobility.

The press release included little other information, but an 8-K filing notes that should Surf later complete a direct listing, IPO, private sale or further SPAC transaction between now and November 14, 2025, it will issue 600,000 shares to Tuscan II and as well as either 35,000 shares or $700,000 as a termination fee.

As for Tuscan II, it continues to be the oldest SPAC that has not yet completed a deal, having IPO’d on July 12, 2019. Greencity (NASDAQ:GRCY) is the next oldest SPAC in the searching column and is more than a full year younger, having listed on July 24, 2020.

Tuscan II now faces a transaction deadline on November 30 and has already seen 84.8% of shares redeemed in five extension votes. It initially announced its $1.4 billion combination with Surf Air Mobility on May 18.

Surf Air is developing technology to electrify small passenger aircraft and agreed to merge with commuter airline Southern Airways concurrently with the close of the business combination.

The skies have been a mixed bag for air mobility SPACs, with the seven de-SPACs in the aviation and eVTOL spaces that completed deals in the past two years last closing at a median price of $4.10. But, this does include standout Eve (NYSE:EVEX), which closed Tuesday trading at $10.43 having completed its combination with Zanite in May.


Recent Posts
by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

by Marlena Haddad on 2022-12-08 at 10:52am

AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...

by Marlena Haddad on 2022-12-07 at 5:41pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Mission Advancement Acquisition Corp., and Clarim Acquisition Corp. Mission Advancement Acquisition Corp. Shareholders Approve Liquidation Date Amendment    On December 6, 2022, the stockholders of Mission Advancement Corp. approved an amendment to allow...

by Marlena Haddad on 2022-12-07 at 5:26pm

BYTE Acquisition Corp. (NYSE:BYTS) announced this afternoon that its special meeting to extend its deadline, originally scheduled for Tuesday, December 20, 2022, has been postponed. The SPAC has not yet disclosed the new date for the meeting, but it is expected to be announced at a later date. BYTE did note that it intends to...

by Marlena Haddad on 2022-12-07 at 1:22pm

D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved