Merger Termination

Better World has two months remaining on its current deadline extension. The SPAC raised $126 million in an IPO 2 1/2 years ago, although redemptions following multiple extension votes have whittled the trust down to about $32 million.

The original deal terms called for Rana and Afinoz, another financial services company, to be merged with Fintech Ecosystem. Today's regulatory filing does not mention Afinoz nor whether that deal is impacted by the Rana termination.

While XPAC has until Aug. 3 to sign and seal a new deal, the SPAC said in the regulatory filing that the more likely outcome will be liqudation if shareholders approve.

Parabellum shareholders in December approved an extension until September to close the deal, although redemptions were heavy. The NYSE in February suspended trading in Parabellum stock because the SPAC had fallen below the minimum $40 million market cap to remain on the exchange. 

Redemptions on an extension vote in December erased more than 92% of Evo's trust, leaving the SPAC with less than $10 million.

The parties have signed an agreement terminating the deal on mutually acceptable terms, however, Flexjet as part of that agreement agrees to pay a termination fee of approximately $30 million to Horizon.

Following a deadline extension vote in February, Cascadia had disclosed that 14,710,805 shares were redeemed. That wiped out 78% of the 18.75 million shares outstanding.

DUET in a statement said it will seek an alternative business combination. AnyTech365 is engaged in IT security and support.

The news comes just days after the SPAC announced a forward purchase agreement for six million shares in support of the deal. In January, dMY launched a tender offer to purchase up to 24.15 million Class A shares to shore up the Rainwater Tech deal.

Alpine’s merger agreement with Two Bit Circus was announced last May. The deal had been tweaked several times since then, with the latest iteration calling for the target to receive about $47 million.