Evo Acquisition announced that it terminated a merger agreement with 20Cube Logistics Solutions, a Singapore-based software-enabled international supply chain orchestrator. The decision was mutual, the SPAC said.
Announced last October, the deal had an implied initial enterprise value of approximately $338 million. The combined company was expected to receive up to $135 million in net cash proceeds. The deal had a provision for at least $25 million.
Redemptions on an extension vote in December erased more than 92% of Evo’s trust, leaving the SPAC with less than $10 million.
Evo’s termination date is in less than two weeks, although monthly extensions are available until August. Read more.
