InterPrivate III Financial Partners in a regulatory filing said in order to remove uncertainty surrounding the implementation of the Inflation Reduction Act of 2022, if its proposed deadline extension is approved, the SPAC’s cash in trust and earned interest will not be used to pay for any excise tax liabilities connected to redemptions after Dec. 31 and prior to or in connection with a merger or liquidation.
The SPAC is asking shareholders to approve up to three monthly extensions at a Dec. 21 meeting. In return, the SPAC will arrange for the deposit of up to $210,000 (6 cents a share) into trust for each month required under the extension.
InterPrivate III has a merger agreement with Aspiration, an environment-focused fintech. The deal values the combined company at $2.3 billion. Read more.
