DPCM Capital and mobile entertainment company Jam City announced a mutual agreement to terminate their business combination agreement, effective immediately. The deal was valued at $1.2 billion when it was announced in May.
“In light of current market conditions, DPCM Capital and Jam City believe that terminating the business combination agreement is the best path forward for the parties and their respective stockholders,” the companies said in a joint statement.
DPCM Capital intends to continue to pursue a business combination. The SPAc raised $300 million in an October IPO. Read more.