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Americas Technology Acquisition Corp. (ATA) Terminates Deal with Rally Communitas

Americas Technology Acquisition Corp. (ATA) Terminates Deal with Rally Communitas

Americas Technology Acquisition Corp. (NYSE: ATA) announced on Friday evening that it has mutually agreed to terminate its combination with mass mobility firm Rally Communitas.

Although the management team did not disclose a reason for the deal termination, it is likely due to the result of unfavorable market conditions.

The $208 million deal was announced on June 1 and did not feature a PIPE. ATA and Rally amended the transaction just a month ago to include a $20 million minimum cash closing condition. The mass mobility firm originally expected to receive up to $115 million of cash held in trust through the deal.

New York City-based Rally operates a ride-hailing platform targeted at charter buses for intercity trips and events.