InterPrivate III Financial Partners Inc. (IPVF) Terminates Aspiration Deal
by Marlena Haddad on 2023-08-22 at 6:21pm

InterPrivate III Financial Partners Inc. (NYSE:IPVF) announced this afternoon that it has terminated its combination with ESG-focused financial services firm Aspiration, effective August 29.

The SPAC did not disclose further information as to why the parties nixed the deal. But, since this merger agreement was amended previously and included additional language around termination in section 9.03(b), it appears IPVF is entitled to a termination fee.  In simplified terms, the Second Amended and Restated Merger Agreement notes that in a qualifying termination, InterPrivate III is entitled to receive a termination fee of $7 million. Plus, IPVF is entitled to equity interests equaling $13 million, but only if Aspiration raises at least $50 million within 180 days of the termination.

However, InterPrivate III noted that it “cannot provide any assurance that it will receive the termination payments to which it is entitled.”

Additionally, IPVF notes that the termination constitutes a “qualifying termination” pursuant to Section 9.01 of the amended merger agreement. This states that the deal can be terminated for any reason at any time following the 90th day after the second amendment date, but before the outside date of August 31. The date of the Second Amended and Restated Merger Agreement was July 21, 2022.

The parties inked the $1.9 billion deal in August 2021, almost exactly two years ago. Marina del Rey, California-based Aspiration provides a fintech platform allowing consumer and business customers to make and track sustainability impacts with their payments activity.

 

Recent Posts
by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...

by Nicholas Alan Clayton on 2023-11-27 at 7:43am

At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...

by Kristi Marvin on 2023-11-25 at 11:45am

Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...

by Marlena Haddad on 2023-11-22 at 9:45am

IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved