Singapore SPAC Novo Tellus Alpha Acquisition to miss buyout deadline

Novo Tellus Alpha Acquisition

11/01/2024 02:05

Jan 11 (Reuters) - Singapore's Novo Tellus Alpha
Acquisition  NOVO.SI  said on Thursday it would not be able to
conclude a mandatory business combination ahead of a Jan. 26
deadline. 
    "After careful consideration and thorough evaluation of
potential targets, and taking into consideration current market
conditions, the company's leadership and board of directors have
determined that it will not conclude a business combination
ahead of the deadline of 26 January 2024," the special purpose
acquisition company (SPAC) said in a statement. 
    Singapore-listed SPACs have two years to acquire or merge
with a company, with the option for a one-year extension,
subject to certain conditions.
    The announcement from the SPAC, backed by private equity
firm Novo Tellus, comes just weeks after the company said it was
still in the process of finding a deal and pursuing buy-out
targets, denying media reports that it was seeking to pull the
plug on its operations.
    In December last year, Pegasus Asia  PEGA.SI  - another
Singapore-based SPAC backed by alternative asset manager Tikehau
Capital  TKOO.PA  - disclosed its decision to wind down as it
was unable to acquire buy-out target by a given deadline. 
    

 (Reporting by Roushni Nair in Bengaluru; Editing by Rashmi
Aich)
 ((Roushni.Nair@thomsonreuters.com;))