IGAC terminates planned business combination with PlayUp

Special purpose acquisition company IG Acquisition Corp (IGAC) has dropped plans to acquire sports betting operator PlayUp.

IGAC had agreed a business combination with the Australian sports betting operator in September 2022 but has notified the company that it will not be proceeding with the transaction due to breaches by PlayUp.

Instead, IGAC will dissolve and liquidate effective today (Jan. 11), with all shares to be redeemed at a price of approximately $10.12 per share. IGAC will then be delisted from the Nasdaq Stock Market.

The planned business combination was terminated after PlayUp failed to deliver audited financial statements, despite the SPAC’s repeated requests. PlayUp also failed to provide any indication as to when the financial statements would be provided.

IGAC said that PlayUp also failed to deliver a draft of the Parent Registration Statement, as required by the Scheme Implementation Deed signed in September, which would have included financial statements.

“Indeed, Representatives of the Company have advised SPAC that its counsel has ceased working on the Parent Registration Statement,” IGAC told shareholders. 

“The aforementioned Terminating Company Breaches have caused undue delay and are not capable of being cured in a manner that would permit the Closing to occur by the End Date and, therefore, no cure period in respect of the Terminating Company Breaches applies.”