SPACInsider Logo
Highland Transcend Partners I Corp. (HTPA) Terminates Packable Deal
by Marlena Haddad on 2022-03-25 at 5:32pm

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.


Recent Posts
by Marlena Haddad on 2023-02-03 at 5:50pm

Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...

by Marlena Haddad on 2023-02-03 at 5:30pm

Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...

by Marlena Haddad on 2023-02-03 at 11:41am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...

by Nicholas Alan Clayton on 2023-02-03 at 11:37am

Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...

by Nicholas Alan Clayton on 2023-02-03 at 9:49am

FAST II (NYSE:FZT) announced this morning that it has amended its combination with resort operator Falcon’s Beyond, shifting more value from both sides into earn-outs. The deal’s $1 billion enterprise value technically remains, but Falcon’s Beyond shareholders will receive less equity at close. The valuation is now made up of a $620 million enterprise value...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved