2023-05-16 13:41:15 ET
SPAC Fintech Ecosystem Development Corp. ( NASDAQ: FEXD ) has terminated its planned merger with money transfer provider Rana Financial.
Fintech Ecosystem said in an 8-K filing that it terminated the deal under a section of the agreement that required Rana to deliver certain financial statements by a specific date.
The SPAC announced the merger in September 2022. The deal included an acquisition of fintech Mobitech International, also known as Afinoz. The agreement pegged Rana's enterprise value and $78M and Afinoz's at $120M.
The SPAC's 8-K filing didn't address whether the merger with Afinoz had also been terminated.
Fintech Ecosystem held its initial public offering in October 2021, raising $100M.
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SPAC Fintech Ecosystem terminates merger with Rana Financial