In a regulatory filing the SEC said a securities registration statement filed by Digital Virgo Group is considered abandoned, having been registered nine months ago with no further action. Digital Virgo also failed to respond to the SEC’s inquiry, the regulator said.
Virgo 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 company since last October has been trying to terminate a merger agreement with Goal Acquisitions, which has resisted efforts to call off the deal.
Goal Acquisitions raised $225 million in a February 2021 IPO. As of Sept. 30, just before the wrangling began with Digital Virgo, the SPAC’s cash in trust totaled just under $9 million.
The deal was announced in November 2022. The SPAC’s shareholders have approved three deadline extensions since then.
Terms with Digital Virgo included 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 filed suit for breach of contract against Digital Virgo in US District Court for the Western District of Texas. The case is still pending. Read more.
