Fintech Ecosystem Development in an 8-K said it terminated a merger agreement with Rana Financial, claiming the target failed to provide required financial statements and an auditor’s report by deadline.
The SPAC’s sponsor in January pumped $1.5 million (10 cents a share) into the trust account to extend the merger deadline.
The Rana deal had at an implied $78 million enterprise value.
Fintech Ecosystem also has a pending deal with Mobitech International (dba Afinoz), at an implied $120 million enterprise value.
The original deal terms called for Rana and Afinoz to be merged with Fintech Ecosystem. Today’s regulatory filing does not mention Afinoz nor whether that deal is impacted by the Rana termination.
Fintech Ecosystem is developing a global digital financial ecosystem to allow consumers and businesses to use mobile devices and the Internet to efficiently perform financial transactions such as money transfers and remittances, local & international P2P, multi-currency B2B payments, global lending, merchant payments, agent networks, and mobile wallet payments.
The SPAC raised $100 million in an October 2021 IPO. Read more.
