Hyperloop transportation Technologies and Forest Road Acquisition II mutually agreed to terminate their business combination agreement.
They cited “the significant time to close” as well as prevailing market conditions for the decision to call off the deal, which was announced in November. The deal had a $40 million minimum cash consideration to close. The SPAC raised $350 million in a March 2021 ipo.
forest road ii is facing a March 23 completion date.
Since its inception in 2013, HyperloopTT has developed a full scale hyperloop test track in Toulouse, France, a hyperloop insurance framework model, and model safety and certification guidelines.
With the deployment of the company's test track, HyperloopTT has built a robust technology portfolio relating to patents across levitation and propulsion, low pressure tube transportation, and passenger experience. These patents are the basis of a technology that the company says combines sustainability with the ability to reach destinations faster, which can redefine the urban landscape, create new economic opportunities, and disrupt the $2+ trillion transportation industry. Read more.
Source: Forest Road Acquisition II and HyperloopTT Terminate Merger Agreement