Financial Review reports that Melbourne-based Integral Acquisition 1 has been reaching out to other Australian startups in the recent weeks as its talks with Elenium Automation die out and the clock ticks on finding an acquisition target.
It is unclear what exactly happened between the two camps. Citing unnamed sources, Street Talk said the SPAC had bid – and been rejected twice by Elenium – which is understood to have called in MA Moelis for advice and raised a small round from existing investors. However, others suggest that it’s mind-boggling that the startup would have knocked backed a massive valuation uplift, especially when it forecast just $35.3 million revenue and $3.6 million adjusted EBITDA for its aviation unit.
Elenium Automation provides self-service automation technologies for airport check-in.
While the reasons for the breakup are in doubt, Integral Acquisition 1 is sitting on a wad of cash that it needs to deploy soon. The SPAC’s current extension runs out Nov. 3.
A review of regulatory filings with the SEC shows that Integral 1 has not formally disclosed any interaction with Elenium,
Integral 1 raised $100 million in a November 2021 IPO on the Nasdaq. The SPAC at the time said it would target a business combination with a technology-oriented company in Australia or New Zealand. Read more.
