Highland Transcend Partners I in an 8-K filing said it had mutually agreed to terminate the proposed merger with Packable, an e-commerce marketplace enablement platform backed by The Carlyle Group.
Unfavorable market conditions were cited as the cause of the breakup.
Under the termination agreement, the SPAC will be entitled to receive $2 million upon the earliest to occur of (a) the SPAC’s wind-up, (b) a change of control and (c) the first closing of qualifying financing transactions following the date in which Packable receives at least $140 million of new money proceeds. According to the filing, the SPAC will also be entitled to receive convertible promissory notes with an aggregate principal amount of $8 million either after a wind-up or the closing of a business combination by Highland Transcend Partners I — if it involves a Packable competitor. In that event, the convertible notes will instead be delivered to the SPAC upon a change of control or a qualified public offering of Packable.
Both sides also agreed to sign non-disparagement agreements.
Highland, meanwhile, said it world forge onward in search of another merger target. Read more.
