Packable and Highland Transcend Partners I Corp. Mutually Agree to Terminate Business Combination Agreement
Packable Holdings, LLC, a leading tech-enabled e-commerce company, sitting at the intersection of brands, marketplaces and customers, and Highland Transcend Partners I Corp. (NYSE: HTPA), a special purpose acquisition company, today announced that they have mutually agreed to terminate their previously announced agreement and plan of merger, effective immediately, as a result of current unfavorable market conditions.
Pursuant to the Termination Agreement, HTP will be entitled to receive an amount of cash equal to $2,000,000 upon the earliest to occur of
HTP will also be entitled to receive convertible promissory notes with an aggregate principal amount equal to $8,000,000 having the same terms and in substantially the same form as the Convertible Notes (as defined in the Merger Agreement) (the “Convertible Note Consideration”) upon the earlier to occur of
Highland Transcend intends to continue in its efforts to identify a prospective target business for an initial business combination.Read more