Artemis Strategic Investment in an 8-K filing said it has terminated a merger agreement with British gametech company Novibet.
The termination was made under terms of the merger agreement that allowed the deal to be called off it it had not closed by Dec. 30, 2022, according to the filing, which did not state why the SPAC waited another 5 1/2 months before walking away from the deal.
Artemis said intends to identify another target business for an acquisition. Its termination deadline is July 4.
The SPAC last September cut the closing consideration from $625 million to $500 million, but with the proviso that if redemptions hit 85% or more, Novibet would get additional share consideration of $125 million. Artemis also clipped the amount of cash required to be available to Novibet at closing from $50 million (after any redemptions) to $12.5 million.
Source: Artemis Strategic Investment Terminats Novibet Deal