InterPrivate III Financial Partners in an 8-K said it terminagted a merger agreement yesterday with Aspiration, an environment-focused fintech. Announced moree than two years ago, the deal had valued the combined company at $2.3 billion.
Because the dead deal is considered a “qualifying termination,” InterPrivate III is entitled to a $7 million termination fee plus equity of $13 million, but that applies only if Aspiration raises at least $50 million within 180 days, according to the agreement as amended in July 2022.
Interprivate III said it could provide no assurance that it will receive the termination fees. Read more.
