IG Acquisition in an 8-K filing said it had informed merger partner PlayUp that the deal is off. The SPAC's board has instead decided to liquidate and redeem shares, effective Jan. 11. No reason was given for either decision.
The per-share redemption price will be approximately $10.12, the company said in the filing.
The $350 million deal with PlayUp, a global online betting operator, was announced less than four months ago.
IG Acquisition had also proposed an extension proposal that would have pushed the merger deadline back to April 5.
The SPAC raised $300 million in a September 2020 ipo.
Source: IG Acquisition Terminates PlayUp Merger, will Dissolve