Parsec Capital Acquisitions in an 8-K filing said bewcause it has failed to make the required payment to extend the date required to complete a merger, the trust administrator has begun the process of liquidating. All Class A Shares will be redeemed and all outstanding warrants will expire worthless.
However, the SPAC also said it will try to receive permission from its remaining shareholders and regulatory authorities to continue its existence and complete its business combination with Enteractive Media.
Announced in October, the deal with Enteractive Media based in Calgary, Alberta, was expected to close in the fourth quarter, the SPAC said at the time.
Enteractive Media’s wholly owned subsidiary “PlayerVision” provides consumers with gambling themed television broadcasts, on demand video, and “Join in Play” synchronous live video streamed sports wagering programming (available on the web, mobile and television), which include gambling strategies, tips and advice, leaderboards, contests, and incentives.
Parsec had previously disclosed that total consideration to be paid at closing to Enteractive Media shareholders would be five million shares of Class A common stock. All cash proceeds remaining in the trust would be used to pay transaction costs and as growth capital for Enteractive Media.
Parsec raised $75 million in an October 2021 IPO with stated plans at the time to focus on the space economy, transportation and technology adjacent industries. Read more.
