Highland Transcend Partners I Corp. (NYSE:HTPA) announced this afternoon that it has mutually terminated its combination with ecommerce service provider Packable.
As with other recent terminations, the parties cited “current unfavorable market conditions” as the cause of the breakup.
However, the SPAC is still required to hold its shareholder’s meeting on Tuesday, March 29. Although this meeting’s purpose was to vote on the business combination, HTP intends to present the Adjournment Proposal instead. If approved, the special meeting will be adjourned indefinitely in accordance with Cayman Islands law and the terms of HTP. Any shareholders who submitted redemptions will have the opportunity to withdraw it any time by notifying HTP’s transfer agent.
The current market pain is raining down on SPACs and IPOs alike, making Highland Transcend’s deal the 15th to terminate this year. For now, the SPAC is considering its options in the disruptive commerce, digital media and services, and enterprise software sectors, and still has some time left with a termination deadline set for December 2022.
The parties originally announced the $1.55 billion combination last year on September 9. Hauppauge, New York-based Packable operates the ecommerce platform Pharmapacks and serves consumer brands in managing their own ecommerce optimization and fulfillment in other marketplaces.
At the SPAC of Dawn Although the drought of new SPAC transactions is approaching one full month, that hasn’t stopped the dealmaking between de-SPACs themselves. Trump Media (NASDAQ:DJT) is reportedly in advanced talks to buy crypto and digital asset marketplace and 2021 de-SPAC Bakkt (NYSE:BKKT) in an all-stock deal, according to FT. The former target...
Columbus Acquisition Corp (NASDAQ:COLAU) has filed for a $57.5 million IPO to give its team a second vehicle in circulation to hunt for deals. The same team IPO’d Eureka (NASDAQ:EURK) in July at a slightly smaller $50 million scale and this new SPAC would improve upon some of that foray’s terms. Both SPACs managed to...
At the SPAC of Dawn One week before Thanksgiving, SPACs are not filling up their plate with just five votes scheduled, all of which are extensions. Five of these are set to take place today, and investors are also set to get an update on one of the most successful de-SPACs of recent years. Industrial...
Terms Tracker for the Week Ending November 15, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The drought in De-SPAC deals continues without a single announced combination since October 23rd. That’s more than three weeks now with SPACs experiencing a dry...
Few corners of the market have seen a bigger boost from the result of the US elections than the crypto industry, and SPACs are always sure to be drawn to where the action is. But, in crypto’s case, this is a play that SPACs have been involved in before, so the question is more of...