Parabellum Acquisition announced today that the merger agreement with EnOcean GmbH has been terminated and the SPAC will cease operations.
EnOcean GmbH on Friday delivered a letter to Parabellum announcing that EnOcean was exercising its right to terminate the deal, the SPAc said in a press release.
Announced in November, the business combination valued EnOcean at an equity value of $120 million. The Germany-based company is engaged in energy harvesting Internet-of-Things (“IoT”) devices and sensor-to-cloud solutions.
Parabellum shareholders in December approved an extension until September to close the deal, although redemptions were heavy. The nyse in February suspended trading in Parabellum stock because the SPAC had fallen below the minimum $40 million market cap to remain on the exchange.
Because Parabellum doesn't believe that it will be able to complete an alternative business combination by deadline, the SPAC will dissolve and redeem shares. The press release did not cite an extimated per-share redemption amount. Read more.