Goldenbridge Acquisition Limited said it has terminated its plan of merger with AgiiPlus, by mutual agreement. As a result, Goldenbridge will seek an alternative business combination.
No reason was given for the breakup. Parties to similar deals that have fallen apart in recent months have blamed market conditions. The SPAC said in a regulatory filing that AgiiPlus would be required to pay a $150,000 termination fee.
AgiiPlus is a work solutions provider for rapid-change, quick-pivot enterprises in China and Singapore.
As announced last October, the deal gave the combined company an estimated equity value on a pro-forma basis of approximately $578 million.
Terms called for Goldenbridge’s wholly owned subsidiary AgiiPlus Global to acquire AgiiPlus. The target’s shareholders and management were to receive 52 million ordinary shares of AgiiPlus Global. All shares held by existing AgiiPlus shareholders would have been subject to lock-up agreements for 12 months. Read more.
