Novo Tellus Spac to dissolve, citing market conditions
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This makes Vertex Technology Acquisition Corporation the sole Singapore-listed Spac to successfully complete a business combination.
PHOTO: BT FILE
Michelle Zhu
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SINGAPORE - Novo Tellus Alpha Acquisition (NTAA) will not conclude a business combination after “careful consideration and thorough evaluation of potential targets”, and taking into consideration current market conditions.
The special purpose acquisition company (Spac) announced the move on Jan 11, before the Jan 26 deadline or 24 months from the firm’s listing date on Jan 27, 2022.
In late December 2023, Tikehau Capital’s Pegasus Asia also announced it would not de-Spac “after considering macroeconomic and market conditions”.
Both NTAA and Pegasus Asia’s announcements confirmed an earlier media report that these two Singapore Exchange-listed Spacs were to be dissolved.
This makes Vertex Technology Acquisition Corporation the sole Singapore-listed Spac to successfully complete a business combination. It merged with live-streaming platform 17Live on Dec 8, 2023.
Singapore-listed Spacs including NTAA have two years to announce their potential business combination, which is also known as a de-Spac transaction. If the Spac is unable to find a suitable acquisition target, it is required to dissolve and return the funds to investors.
NTAA in its Jan 11 filing said it will announce details of the process to redeem its issued outstanding Class A shares in due course.
There will be no redemption rights with respect to founder shares, nor redemption rights or liquidation distributions that would come with the company’s warrants, including private placement warrants.
NTAA is backed by industrial technology buyout fund, Novo Tellus Capital Partners.
The counter closed four cents higher at $4.97 on Jan 11. THE BUSINESS TIMES
