The SPAC, which is backed by Wilbur Ross and Larry Kudlow, disclosed the termination in an SEC filing. It plans to hold a special meeting on Sept. 15 for shareholders to vote on extending the deadline for it to consummate an initial business combination to March 16, 2024, from Sept. 16, 2023. The SPAC held its IPO in March 2021.
Ross and Aprinoia announced the merger in January, with the deal estimating the enterprise value of the combined company at $320M. The merger was expected to close during the first half of the year.