G Squared Ascend I and freight platform Transfix today announced the termination of their merger agreement by mutual decision, citing current public market conditions.
G Squared and New Enterprise Associates (NEA) will instead lead a private round of investment to support Transfix’s continued growth. As part of this financing, G Squared’s Founder & Managing Partner, Larry Aschebrook, will join the Transfix board. NEA initially partnered with Transfix during the Series B round in 2016.
The SPAC in June pushed back the merger deadline to November.
In tandem with that extension, funds affiliated with the SPAC will provide $50 million of guaranteed financing to Transfix on an accelerated timeline on or before Sept. 30, under a Forward Purchase Agreement. In addition, G Squared agreed to provide Transfix with up to an additional $50 million of committed capital whether or not the proposed merger closed.
As announced in Septeber 2021, the transaction implied a pro forma enterprise value for Transfix of $1.1 billion. Read more.
