Quantum FinTech Acquisition in an 8-K said it received a letter yesterday from TradeStation, which said it plans to terminate the merger deal with the SPAC because the Aug. 1 deadline had passed.
Quantum responded that TradeStation “is not permitted to terminate the Merger Agreement … because TradeStation’s breaches of, and failure to perform under, the Merger Agreement are the primary cause of the failure of the closing of the Business Combination to occur on or before the Termination Date.” The SPAc said the termination notice is thus invalid and unenforceable.
The deal was announced last November. The SPAC bringd to the deal $201 million of cash in trust and a $125 million PIPE.
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