Abri SPAC I, Inc. (NASDAQ: ASPA) announced this afternoon that it has mutually terminated its combination with blockchain technology company Apifiny Group.
Abri I intends to seek an alternative business combination. And while Abri I currently has a transaction deadline of August 12, it is able to extend its original 12 months timeline two times (2x) for three months each by contributing $0.10 per share to its trust each time. Abri I announced the pricing of its $50 million IPO last summer on August 09, 2021, and initially intended to combine with a fintech target that has a diversified supplier base and an experienced management team. The SPAC is led by Chairman and CEO Jeffrey Tirman, EVP and CFO Nima Montazeri, and VP of Business Analytics Peter Bakker.
And while today’s press release kept details to a minimum, it is likely that unfavorable market conditions combined with a blockchain target that played a significant role in the termination. Abri’s termination comes just a week after Fortune Rise (NASDAQ:FRLA) terminated its deal with crypto mining business VCV Power Sigma, which was likely caused due to the sharp tumble in the crypto market.
Abri SPAC I originally announced its $530 million deal with Apifiny earlier this year on January 27, 2022. New York City-based Apifiny serves as a global cross-exchange digital asset trading network for institutions in a single platform. Abri originally brought in $57 million of cash into the deal from its trust account and did not feature a PIPE or a minimum cash closing condition.
Oyster Enterprises II Acquisition Corp. (NASDAQ:OYSEU) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OYSEU”, Thursday, May 22, 2025. The new SPAC aims to combine with a target company in a sector that aligns with the management’s expertise like technology,...
INFINT 2 (NASDAQ: Symbols TBD) has filed for a $100 million SPAC with another team running it back after their first successful close last year. The new SPAC has one right to a 1/10 share in each unit and has overfunded its trust to 100.50% with $10.05 per unit in trust from the start. This...
FIGX (NASDAQ:FIGXU) has filed for a $131 million SPAC with the goal of taking public a financial asset manager with the potential of expanding into a global player. The new S-1 is the ninth of the month and was followed by a tenth this morning, suggesting that May may yet hit April’s blistering pace of...
At the SPAC of Dawn Tariffs continue to show up in the earnings and corporate moves of de-SPACs. This week, crypto firm Cipher Mining (NASDAQ:CIFR) noted that a major impetus for its offering of $150 million of convertible notes was the expected need to pay tariffs on the server equipment it is importing for its...
ProCap Acquisition Corp. (NASDAQ:PCAPU) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PCAPU”, Wednesday, May 21, 2025. The new SPAC aims to mount a broad search for a combination target and hopes to find one with sustainable competitive advantages and...