Globalink (NASDAQ:GLLI) announced this afternoon that it has terminated its deal with Tomorrow Crypto Group Inc.
The SPAC did not provide further details on the termination and it remains unclear if the breakup was mutual, but Globalink confirmed that it intends to continue its search for an alternative target to combine with.
It originally entered into the $310 million business combination with Tomorrow Crypto in August 2022 and expected to close the deal by the end of the year. New York-based Tomorrow Crypto aims to launch a Bitcoin and Etherium mining platform and provide infrastructure to institutional grade mining clients.
Globalink planned on bringing $116.7 million into the deal from its trust supplemented by a $15 million PIPE made up of Series A convertible preferred stock and Globalink warrants. But, after an extension meeting held earlier this month, the SPAC saw 58.75% of its trust wiped out from redemptions, leaving it with $49.19 million post-vote.
It now faces a completion deadline of September 9, and can extend this further by an additional three months to December 9. Globalink intends to pursue targets in North America, Europe, South East Asia, and Asia in the technology industry, specifically within the e-commerce and payments sectors.
Terms Tracker for the Week Ending April 18, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Six new SPACs filed to IPO this week. That’s not a typo. Six. Plus, another 13 amended S-1/A were filed. The total number of SPACs...
At the SPAC of Dawn As we close out Passover and head into Easter weekend, we’re reminded that even the most hopeless situations, like wandering the desert for 40 years, being dead for three days, or trying to close a DeSPAC with zero redemptions in this market, can eventually turn around. After all, SPACs have...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) has filed for a $152.2 million SPAC to find an agriculture or food-tech target company The new SPAC is overfunded to 100.5% and is set to have both a 3/4 warrant and right to a 1/20 share in each of its units. This vies for the most investor-friendly unit coverage of...
EGH Acquisition Corp. (NASDAQ:EGHAU) has filed for a $150 million SPAC to continue the work of the Tortoise serial SPAC team under a fresh name. The new SPAC is not overfunded and will have one right to a 1/10 share in each of its units. It will have 24 months to initially close a business...
Yorkville Acquisition Corp. has filed for a $150 million SPAC to bring the sponsor’s experience in SPAC investing to a search for a technology, media or telecom target. The new SPAC is overfunded to 100.5% with $10.05 per unit in trust initially. Each unit is set to contain a 1/3 share and it will have...