Merger Termination

There was a lack of interest from minority investors at the stage of the $300-million equity offering which ACG planned as part of the deal, despite the presence of Stellantis and Glencore as anchor investors.

The SPAC and its sponsor say they intend to seek alternative ways to complete a business combination. A completion deadline is coming up in December.

Neither party is required to pay fees or expenses to the other. The SPAC said it will now pursue alternative targets.

26 Capital Acquisition announced that it will be unable to complete a business combination by its deadline due to a Delaware Court ruling denying the SPAC's request to compel its merger partner -- the owner of a Philippines casino -- to complete the deal.

Heavy redemptions ultimately derailed the deal.

Spree is a taxi fleet operator. The deal was announced last October at an equity value of $251 million.

Because the dead deal is considered a "qualifying termination," InterPrivate III is entitled to a $7 million termination fee plus equity of $13 million, but the SPAC said it could provide no assurance that it will receive the fees.

The SPAC was founded by Wilbur Ross, former commerce secretary during the Trump Administration.

As part of the termination, Avila has agreed to pay Insight $300,000 as partial reimbursement of its costs.

The $250 million deal was announced in March with an anticipated closing in the second half of the year. No reason was given for the termination.