DHC Acquisition Abandons GloriFi Deal as Neobank Goes Out of Business

DHC Acquisition in an 8-K said it has terminated a merger agreement with GloriFi, which had described itself last year as “a pro-freedom, pro-America, pro-capitalism technology company.”

Announcement of the deal termination was merely a formality, as GloriFi, a neobank that billed itself as a bank for the “anti-woke,” announced in November that it would shut down just two months after its launch. GloriFi reportedly failed to secure funding that would have carried it through its first quarter.

DHC in the filing said it intends to consider other acquisition opportunities, while recognizing existing market conditions and the limited remaining time close a deal, which must occur by March 4.

DHC raised $300 million in a March 2021 to focus on the technology, aerospace/defense, enterprise software, automotive supply chain, consumer and sectors. Read more.


Source: DHC Acquisition Abandons GloriFi Deal as Neobank Goes Out of Business