Stratim Cloud Acquisition in an 8-K said it received a notice from Force Pressure Control that it would terminate their merger agreement. Force also agreed to pay the SPAC $250,000 for calling off the deal.
The combination was announced in March at a $240 million valuation. Force is a vertically integrated provider of services to the oil & gas industry.
As a result of the termination, Stratim Cloud management said in the filing they do not believe it will be possible to find and close another deal before the Sept. 16 deadline, so the SPAC intends to redeem shares and shut down. There was no mention of when the wind-up would begin or an estimated redemption price for Stratim Cloud stock. Read more.
