InterPrivate III Financial Partners in an 8-K filing today said it and merger partner Aspiration have agreed to extend the outside date for completing their deal from today until Friday, July 22.
A preliminary proxy on the deal went out in February. Since then, there have been no public regulatory filings that list a shareholder vote date or whether the SEC has declared the SPAC’s registration statement effective.
Terms call for Aspiration’s shareholders to receive at least 175 million shares of InterPrivate III common stock, as well as up to an additional 100 million shares based on the performance in the share price over a 5-year period. A $200 million PIPE in support of the deal includes participation by funds and accounts managed by Financière Agache (the Bernard Arnault family office), Doha Venture Capital in Qatar, Capricorn Investment Group, Serengeti Asset Management, Brand Capital International (the strategic investment arm of The Times Group), Western & Southern Life Insurance, InterPrivate Capital, AGO Partners, and Drake.
Aspiration offers sustainable banking services, credit cards, and investment products. The deal was announced last August. Read more.
