IG Acquisition Corp. (NASDAQ:IGAC) announced in an 8-K this afternoon that it has terminated its business combination with mobile gaming platform PlayUp and will instead liquidate its trust.
The SPAC today disclosed that it provided written notice to PlayUp that it was terminating the business combination, effective immediately. But, before the termination, the parties amended the deal on December 8 to remove all exclusivity provisions and to allow IGAC to discuss alternative potential business combinations with other target companies. Last month’s amendment also allowed the SPAC to immediately terminate the deal if either party agreed to final terms with a third party to enter into a business combination.
However, now that the deal is officially terminated, IGAC is no longer searching to combine with alternative targets as its board of directors has determined it will not be able to complete a transaction by its deadline of February 5 and will instead liquidate, effective as of the close of business on January 11.
Additionally, it will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its IPO at a per-share redemption price of approximately $10.12 after taking into account the removal of a portion of the accrued interest in the trust account to pay taxes and for dissolution expenses.
IGAC originally announced the $399 million deal with PlayUp in September 2022. Sydney, Australia-based PlayUp is a mobile and online betting and fantasy sports platform currently expanding into the US market.
Deals and Amendments Arogo Capital (OTC:AOGO) has received notice that its merger target Ayurcann Holdings (CSE:AYUR) has terminated their business combination citing a breach on behalf of the SPAC. Ayurcann expects to be paid a $250,000 breakup free from Arogo. News and Rumors PR: Smart TV firm Innovid (NYSE:CTV), which combined with ION 2 in...
At the SPAC of Dawn Wednesday night saw two more SPACs price their IPOs, which means November’s eight listings will now eclipse October’s haul of seven and the five IPOs of September. Amid this accelerating momentum, a new name could soon be seen on a number of new SPACs. EF Hutton rebranded to D. Boral...
CO2 Energy Transition Corp. (NASDAQ:NOEMU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NOEMU”, Thursday, November 21, 2024. The new SPAC intends to combine with a target company that is focused on reducing emissions through the generation of renewable energy or...
Dynamix Corporation (NASDAQ:DYNXU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYNXU”, Thursday, November 21, 2024. The new SPAC intends to focus its search on companies that are within the energy transition, oil and gas, and power sectors. Dynamix Corporation is...
At the SPAC of Dawn One more shoe has dropped as the President-Elect Donald Trump works to staff his incoming administration and set priorities as he has appointed Cantor Fitzgerald CEO Howard Lutnick to lead the Department of Commerce. This ends speculation about where the head of 2024’s leading SPAC underwriter would land. The question...