Aries I Acquisition Corp. (RAM) Extends Outside Date
by Marlena Haddad on 2022-07-21 at 5:44pm

Aries I Acquisition Corp. (NASDAQ:RAM) announced in an 8-K filing this afternoon that it has extended its outside date and increased its equity value in connection to its business combination with metaverse infrastructure platform, InfiniteWorld.

The parties are extending the Outside Date by nine months from November 21, 2022 to August 21, 2023, which seems like an unusually long time given that the deal was originally announced in December 2021, nearly eight months ago already. And while Aries I’s target, InfiniteWorld, isn’t exactly a crypto exchange or token, it still is operating in an adjacent market to the crypto space by focusing on NFTs and the Metaverse.

With that being said, the crypto sector is currently going through some choppy times, and even more so with Crytpo focused SPACs and their SEC reviews, which have been taking an exceptionally long amount of time. When looking at non-crypto SPACs that are currently announced and looking to complete, companies are currently around 4.2 months from their announcement date on a median basis. However, most deals directly involved in the crypto space that are announced and looking to complete show nearly twice that amount of time at 7.8 months out from announcement date, and still have not closed. Most likely Aries I and InfiniteWorld are playing it safe by extending their Outside Date to more than a year from now to account for long review times in the crypto sector.

Aries I’s business combination partner InfiniteWorld, which develops a marketplace for creators to sell NFTs, and creative tools for both individuals and brands., originally had a pro forma $554 million enterprise value.  The deal’s equity value was recently increased from $525 million to $527 million and now has an enterprise value of roughly $556 million, accounting for InfiniteWorld’s recent acquisition of SuperBitMachine, Inc.

Aries I brings $145 million into the deal from its current trust and has not yet supplemented this with a PIPE. Combined with $26 million in existing cash on its balance sheet, InfiniteWorld expects to come out of the deal with $151 million in cash after paying $20 million in transaction fees, however the transaction does not contain a minimum cash condition.


Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved