Merger Termination

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.

Moringa raised $100 million in a February 2021 IPO, although by June of this year the Nasdaq was threatening to delist the SPAC for falling below the market cap minimum of $35 million.

Announced in December, the MNG Airlines transaction was expected to have a pro-forma enterprise value of $676 million

The decision to terminate was based on differing views of the currently realizable value of Croma.