Omnichannel Acquisition Corp. (NYSE:OCA) and direct-to-consumer homeowners insurance technology company Kin Insurance announced this afternoon that they have opted to mutually terminate their business combination agreement.
The SPAC cited unfavorable market conditions in its press release on the termination, but will turn back to the work of meeting with targets who can benefit from their team of consumer founders and operators. Going forward, Kin Insurance said it plans on “accessing the public markets when the time is appropriate.”
Omnichannel was heading into a shareholder vote to complete the transaction next week, February 1, but given the challenging equity markets environment, as well as the current SPAC redemption climate, the two likely opted to part ways instead. The deal was struck with a minimum cash condition of $200 million, and included a PIPE of $80 million PIPE at $10 per share from HSCM Bermuda and Senator Investment Group.
Omnichannel and Kin originally announced their intended combination on July 19, 2021, a little over six months ago. Omnichannel has roughly four months left on it’s clock with a completion deadline of May 25, 2022. Chicago-based Kin is a pure-play direct-to-consumer digital insurer for homeowners and allows customers to insure their home within just minutes.
Omnichannel is led by Chairman and CEO Matt Higgins, CFO Christine Pantoya and COO Austin Simon.
Iris II has filed for a $150 million SPAC with a partially revamped sponsor team and some new bells and whistles in its terms to join the new generation of vehicles in the hunt. The new SPAC is offering investors a 1/2 warrant in each unit and will be funded to the standard 100.0% with...
Simon Irish, CEO Terrestrial Energy, and Shawn Matthews, CEO & Chairman HCM II, Discuss Emerging Trends and Nuclear Power What many of the biggest trends in emerging technology today have in common is that they require significantly more electricity and reliable means of receiving it efficiently. This week, we speak with Simon Irish, CEO of...
Quantumsphere Acquisition Corporation (NASDAQ:QUMSU) announced the pricing of its upsized $72 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “QUMSU”, Wednesday, August 6, 2025. The new SPAC aims to combine with a target company in a large under penetrated market with favorable industry dynamics. Quantumsphere’s management team...
At the SPAC of Dawn While a variety of signs have been pointing up for the reborn SPAC market for some months now, a return to low redemptions is one that more time is needed to assess. Black Spade II and JVSPAC are the only SPACs that IPO’d in 2024 or later that have managed...
EQV Ventures (NYSE:EQV) has entered into a definitive agreement to combine with oil & gas firm Presidio Petroleum at an enterprise value of $664 million, or 4.2x its 2025E unlevered free cash flow. Dallas-based Presidio holds a portfolio of about 2,000 oil wells that it aims to expand through the Anadarko Basin of the south-central...