North Atlantic (NASDAQ:NAAC) announced this afternoon that it has mutually terminated its combination agreement with communications platform Telesign, effective immediately.
Similar to a handful of other SPACs we’ve seen, North Atlantic cited current market conditions as the root of the termination. CEO of North Atlantic Gary Quin stated in the press release that ongoing market volatility “made it impossible” to complete the merger with Telesign.
The deal includes a $200 million minimum cash condition and its $107.5 million PIPE does not fully cover this, although North Atlantic also has about $380 million in trust. The PIPE drew investment from a group of investors including SFPI-FPIM as a key investor, to fund TeleSign’s growth plans.
Going forward, the special meeting of NAAC stockholders to approve the proposed transaction has been cancelled and NAAC will seek an alternative business combination.
And, with a deadline of January 26, 2023, the SPAC still has several month on its clock to seek out its alternative business combination. North Atlantic raised $330 million at IPO on January 22, 2021 and intends to combine with a consumer, industrials or telecommunications business in Europe or North America. The SPAC is led by Chairman Andrew Morgan, CEO Gary Quin, President Patrick Doran, and CFO Mark Keating.
Volatility within the SPAC and equity markets are creating a difficult environment for SPACs and IPOs alike, making North Atlantic’s deal the 27th to terminate this year and the second this week. But, this termination may have not been a surprise to some as North Atlantic postponed its shareholder meetings twice with its most recent postponement from early June lacking a new date for a renewed attempt. It postponed an earlier meeting on May 18 and noted at the time that it had received sufficient votes to approve the deal, but not all closing conditions had been met.
The SPAC initially announced its $1.3 billion combination with Telesign late last year on December 16. Marina del Ray, California-based Telesign provides security solutions through APIs, combining digital identity with global communications capabilities to help enterprises connect, protect and engage with their customers.
Telesign recently announced its first quarter revenues reached $111.6 million for a 20.8% year-on-year growth rate and a gross profit margin of 22.3%.
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...
NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...
At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...