Merger Termination

The letter from Reliance reveals its decision to walk away from the deal was based on the fact that it was not completed by the outside closing date this month.

Announced in August, the transaction had a pro forma enterprise value of approximately $200 million.

The SPAC cited "persistently volatile public market conditions" for the decision to scrap the deal.

The LOI announced in April gave the potential deal a pre-money valuation of $160 million, which was subject to completion of diligence and definitive documentation.

Sydney-based New Quantum Holdings Pty Ltd. had an estimated proforma enterprise value of $800 million. The company provides wealth management all-in-one Fintech as a Service.

Singapore-based Future Dao is establishing Bitcoin mining operations in Central Asia. The deal had a pre-transaction valuation of $350 million.

Both sides cited "current market conditions" for the decision to abandon the deal.

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.