Aries I Acquisition Corp. (NASDAQ:RAM) announced in an 8-K filing this afternoon that it has terminated its combination agreement with metaverse technology firm Infinite Assets.
The SPAC plans to continue to seek out a combination target, but will likely have to fund extensions to do so. Its initial transaction deadline is coming up on December 21, but the company may automatically extend it with monthly contributions of the lesser of $120,000 or $0.035 per share to its trust until August 21, 2023.
This week marked the one-year anniversary of when Aries initially announced its $554 million combination with Infinite Assets. Miami-based Infinite Assets had been developing a marketplace for creators to sell NFTs and creative tools to generate new ones tailored to both individuals and brands.
But, between then and now, the bottom has fallen out of the NFT market with major drops in the broader crypto space and some rising skepticism of Web3 in general.
In August, Infinite Assets announced it would acquire independent gaming studio SuperBitMachine in part with share compensation from the combined company.
The parties bumped up Infinite Assets’ proposed post-money equity value by $2 million to $527 million to account for this, but they did not end up attaching a PIPE or other committed financing structure throughout the process, with transaction expenses expected to total $20 million.
Against this backdrop, investors may have been surprised to see Newbury Street (NASDAQ:NBST) announce a $1.85 billion deal in the space one year to the day since the Aries I/Infinite Assets announced their own.
As such, the stalling of this deal and other announced deals in crypto has not dissuaded SPACs from hunting in the space.
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
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...