Aries I Acquisition Corp. (RAM) Terminates Infinite Assets Deal
by Nicholas Alan Clayton on 2022-12-16 at 5:48pm

Aries I Acquisition Corp. (NASDAQ:RAM) announced in an 8-K filing this afternoon that it has terminated its combination agreement with metaverse technology firm Infinite Assets.

The SPAC plans to continue to seek out a combination target, but will likely have to fund extensions to do so. Its initial transaction deadline is coming up on December 21, but the company may automatically extend it with monthly contributions of the lesser of $120,000 or $0.035 per share to its trust until August 21, 2023.

This week marked the one-year anniversary of when Aries initially announced its $554 million combination with Infinite Assets. Miami-based Infinite Assets had been developing a marketplace for creators to sell NFTs and creative tools to generate new ones tailored to both individuals and brands.

But, between then and now, the bottom has fallen out of the NFT market with major drops in the broader crypto space and some rising skepticism of Web3 in general.

In August, Infinite Assets announced it would acquire independent gaming studio SuperBitMachine in part with share compensation from the combined company.

The parties bumped up Infinite Assets’ proposed post-money equity value by $2 million to $527 million to account for this, but they did not end up attaching a PIPE or other committed financing structure throughout the process, with transaction expenses expected to total $20 million.

Against this backdrop, investors may have been surprised to see Newbury Street (NASDAQ:NBST) announce a $1.85 billion deal in the space one year to the day since the Aries I/Infinite Assets announced their own.

As such, the stalling of this deal and other announced deals in crypto has not dissuaded SPACs from hunting in the space.

Recent Posts
by Nicholas Alan Clayton on 2025-02-11 at 8:20am

At the SPAC of Dawn  Companies going public in SPAC mergers have gotten used to dips in stock price of some magnitude or another when their transactions close, but only recently have they attempted to be proactive in setting the narrative during such times. Retail technology firm Alpha Modus (NASDAQ:AMOD) recently put out an aggressive...

by Kristi Marvin on 2025-02-10 at 7:32pm

Archimedes Tech SPAC Partners II Co. (NASDAQ:ATIIU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ATIIU”, Tuesday, February 11, 2025. The new SPAC intends to search for a target company in the technology industry, with a particular focus on artificial intelligence,...

by Nicholas Alan Clayton on 2025-02-10 at 2:06pm

Goldman Sachs veteran Peter Ort headlines two new SPACs that filed for IPOs Friday in Real Asset Acquisition Corp. (NASDAQ:RAAQU) and Digital Asset Acquisition Corp. (NASDAQ:DAAQU), which collectively sport some of the most team-friendly terms yet seen in 2025. Both new SPACs have 1/4 warrants in their units and no rights, bringing a level of...

by Nicholas Alan Clayton on 2025-02-10 at 8:17am

At the SPAC of Dawn  The pace of new SPAC filings has not slackened as three new S-1s were filed on either end of Super Bowl weekend seeking a combined $500 million in IPO proceeds. All three are underwritten by Cohen & Company and feature anchor investors as well as promotes upsized to the equivalent...

by Kristi Marvin on 2025-02-08 at 10:02am

Terms Tracker for the Week Ending February 7, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw one new SPAC IPO price, bringing the year-to-date total to nine. K&F Growth Acquisition Corp. II successfully debuted and managed to...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved