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.