Jensyn Acquisition Corp. Terminates Agreement with Oneness Global

FSAC

Jensyn Acquisition Corp. Terminates Agreement with Oneness Global

Oct 10, 2018 INTEL by SPACInsider

Jensyn Acquisition Corp. announced tonight they have terminated their agreement with Oneness Global due to a breach of representations and warranties by Oneness Global.  Jensyn has further demanded to be paid the $2,500,000 termination fee provided for in the Share Exchange Agreement.

This is a tough break for Jensyn, which IPO’d back in March of 2016 with $40.4 million in trust.  Current funds in trust have been reduced to approximately $8 million, after five separate completion deadline extensions where shareholders have had the opportunity to redeem their shares.

Jensyn still has until January 3rd, 2019 to pull off a business combination, but this has to be tough and more than a little disappointing.  They still have a little less than three months left on the clock, but finding and closing a deal is going to be incredibly difficult.

The current pro rata per share redemption price is estimated to be $10.89 per share.

 

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