Malacca Straits Acquisition in an 8-K said it called off a $600 million merger agreement with EV maker Indiev and now intends to redeem shares effective June 16. The termination was by mutual agreement, the SPAC said, although no reason was given for abandoning the deal.
Announced in September, terms had also called for earn-outs of up to $200 million in stock. Indiev founder and CEO Hai Shi had signed a PIPE subscription agreement to purchase $15 million in Malacca shares at $10 per share.
The SPAC’s per-share redemption price is expected to be approximately $10.53. Read more.
