Goal Acquisitions seeks a deadline extension of up to six months until Aug. 8, according to a proxy filing.
Although the SPAC has a merger agreement with Digital Virgo, the target wants out. Digital Virgo has twice notified the SPAC of its intention to terminate the deal, while Goal Acquisitions continues to resist.
The target is a French corporation which operates a global platform for payment and monetization of digital content and services, providing one destination for entertainment, sports, lifestyle, and ultimately, transportation, education and everyday needs.
The parties are negotiating “with a view towards resolving their differences and moving forward with the transaction in a positive and expeditious manner,” the proxy states. “As of now, the company and Digital Virgo are continuing these negotiations which the company hopes will lead towards a completed transaction.”
The deal was announced in November 2022. The SPAC’s shareholders have approved three deadline extensions since then.
Terms with Digital Virgo include approval for listing on the Nasdaq, European electronic money institution approvals, a minimum of $20 million in cash at closing, and the execution of definitive agreements for a $100 million committed capital-on-demand facility.
Goal Acquisitions raised $225 million in a February 2021 IPO. As of Sept. 30, the SPAC’s cash in trust totaled just under $9 million. Read more.
