Insight Acquisition and Avila Energy announced that they mutually decided to terminate their merger agreement, effective immediately. As part of the termination, Avila has agreed to pay Insight $300,000 as partial reimbursement of its costs.
“Due primarily to the changes that have occurred in the SPAC market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list on Nasdaq. We look forward to continuing our business relationship with Insight’s management team,” said Leonard van Betuw, the CEO of Avila.
“While Insight has agreed to terminate the BC Agreement with Avila, the Insight management team intends to maintain its professional relationship with Avila and monitor their progress,” said Michael Singer, executive chairman of Insight.
Avila is an established producer, explorer, and developer of oil and gas in Western Canada. At deal announcement in April, the transaction with Insight was valued at $192.6 million.
In June, Avila announced that Insight Acquisition intended to call off the deal after the SPAC sent a notice of default to the energy company.
Insight raised $240 million in an IPO almost two years ago. Read more.
