Moringa Acquisition in an 8-K disclosed that Holisto Ltd. had notified the SPAC that it was terminating their merger agreement. The termination was based on a provision in the agreement that allowed either party to walk away if the deal had not closed by Jan. 1. It was announced in June 2022.
Based in Israel, Holisto is a travel booking platform.
Moringa raised $100 million in a February 2021 IPO, although by June of this year the Nasdaq was threatening to delist the SPAC for falling below the market cap minimum of $35 million.
At deal announcement a year ago, Holisto’s expected implied pro forma equity value was approximately $405 million. A bonus pool of up to an additional 1.725 million Holisto shares was to be distributed to non-redeeming Moringa shareholders on a pro rata basis.
Moringa and Holisto also had a securities purchase agreement with a non-affiliated investor in which the investor was to purchase a $30 million senior secured convertible note from Holisto. Read more.
