First Reserve (NASDAQ:FRSG) announced this morning that it has mutually terminated its combination with EV-charging platform EO, citing “market conditions.”
Neither party appears to have been required to pay a break up fee, but they passed the deal’s extended outside date on March 11 without a completion at hand. EO CEO Charlie Jardine said in the press release that the SPAC route was “No longer in the best interests of the business.”
First Reserve’s management said that the market’s turn against “high-growth companies” made the environment particularly challenging. Yesterday’s news of federal rate hikes does not appear to have helped put the deal back on the path.
The SPAC still has plenty of time to complete a deal with First Reserve’s transaction deadline coming on March 8, 2023. It initially IPO’d on that date in 2021 with a focus on combining with an EV company, but the market environment of today may direct it to look further afield.
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Papaya Growth (OTC:PPYA) has entered into a definitive agreement to combine with Brazilian energy firm PX Energy at an equity value of $155 million subject to adjustment based on fuel places leading into close. São Mateus do Sul, Brazil-based PX operates a petroleum refining, recycling and mining operation that produces both fuel and agricultural products....
At the SPAC of Dawn This week appears set to start in the red as futures blink negative after a long weekend and the end of Spring Break in the New York area. Four SPACs are nonetheless seeking extensions from shareholders this week, although no SPAC has yet scheduled a deal approval vote for the...
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...