While the parties did not provide a reason for the termination, Arogo Capital did state that it intends to continue its search for an alternative target to combine with.
The SPAC raised a total of $105.1 million in total proceeds from its IPO in December 2021, but saw nearly 83% of its trust removed following redemptions from an extension vote in September, leaving it with approximately $19 million post-vote.
Although Arogo Capital has a current completion deadline of November 29, it can extend this timeline until December 2024 to find a target to combine with. The SPAC originally set out to focus its search for a target with operations in EVs, technology, smart mobility or sustainable transportation, and related business ecosystems in the Asia Pacific, primarily Southeast Asia.
It originally announced the $655 million deal with EON Reality in April 2022. The deal did not include a PIPE and the parties had previously agreed to waive a minimum cash closing condition. Irvine, California-based EON Reality provides augmented and virtual reality tools to academic institutions and corporations for training purposes.