VPC Impact II (NASDAQ:VPCB) announced this morning that it has mutually terminated its combination with Southeast Asian fintech platform Kredivo.
As with other recent terminations, the parties cited “market conditions” as the cause, but this isn’t a true break up of the two sides. VPC II’s sponsor, Victory Park Capital, has pledged to lead a $145 million investment into Kredivo parallel to the termination and has invited participants in the former deal’s $120 million PIPE to join.
Interestingly, the SPAC has also decided to offer shareholders a penny warrant that would convert to 3.5% of Kredivo’s fully diluted equity should the SPAC be liquidated. For now, VPC II is considering its options and has time on its side with a termination deadline set for March 2023. But, its decision to not announce that it would be seeking a new business combination by default in its press release speaks of the current environment.
The current market pain is raining down on SPACs and IPOs alike, and the switch-up in this deal may be repeated by other SPAC sponsors who have the ability and interest in shifting their target from a SPAC merger to a private investment play.
VPC II initially announced its $2.5 billion combination with Kredivo on August 2. Jakarta-based Kredivo provides customers instant credit financing, including personal loans, based on AI-enabled real-time decisioning.
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...
At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...
New Providence Acquisition Corp. III (NASDAQ:NPACU) announced the pricing of its $261 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NPACU”, Thursday, April 24, 2025. The new SPAC aims to combine with a consumer target that has the potential to generate attractive risk-adjusted returns. New Providence III’s...