Fat Projects Acquisition has called off its business combination agreement with Avanseus Holdings and will redeem shares through liquidation. Four of the SPAC’s non-management directors and its president and chief operating officer have resigned.
The SPAC notified Avanseus that it was terminating the agreement announced in August. The SPAC said it determined that a material adverse effect on Avanseus’ financial condition and results of operations had occurred as a result of steady material deterioration in Avanseus’ business and revenues since the execution of the merger agreement and because Avanseus’ most recent update to Fat Projects indicated that Avanseus was unlikely to be able to materially reverse the deterioration in the foreseeable future.
The per-share redemption price will be approximately $10.96. The balance of the trust as of Nov. 15 was approximately $5.4 million.
Singapore-based Avanseus specializes in building enterprise solutions driven by analytics, artificial intelligence, machine learning, and cognitive computing. Read more.
