Packable Holdings, LLC cancelled the acquisition of Highland Transcend Partners I Corp. from Highland Transcend Partners I, LLC, Millennium Group Management LLC, BlueCrest Capital Management Limited, Park West Asset Management LLC,BlackRock, Inc., Glazer Capital, LLC and others in a reverse merger transaction.
The combined company management will consist of Adam Rodgers, Ash Mehra, Andreas Schulmeyer, Daniel Bennett, Leanna Bautista, Chris Pfeiffer, Ian Friedman and Dan Nova. The transaction is subject to the regulatory approvals, approval by the shareholders of both the parties, effectiveness of registration statement, having net assets of at least $5,000,001, listing of new shares on NYSE, and other customary closing conditions. The transaction is unanimously approved by the Boards of Directors of both the parties. The transaction is expected to be closed in the several months. J.P. Morgan Securities LLC is serving as exclusive financial advisor, with Sacha Ross, David I. Silverman, and Nicolas H.R. Dumont of Cooley LLP acting as legal advisors to Packable. Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Michael Davis, Lee Hochbaum, Derek Dostal, Matthew J. Bacal, William A. Curran and Adam Kaminsky of Davis Polk & Wardwell LLP is serving as legal advisors to Highland Transcend. Continental Stock Transfer & Trust Company is acting as transfer agent Highland Transcend. Highland Transcend has engaged D.F. King to assist in the solicitation of proxies for a fee of $25,000. In connection with its roles as financial advisor to Highland Transcend and co-placement agent to Highland Transcend, Goldman Sachs will receive total fees of approximately $10,900,000.
Packable Holdings, LLC cancelled the acquisition of Highland Transcend Partners I Corp. (NYSE:HTPA) from Highland Transcend Partners I, LLC, Millennium Group Management LLC, BlueCrest Capital Management Limited, Park West Asset Management LLC,BlackRock, Inc. (NYSE:BLK), Glazer Capital, LLC and others in a reverse merger transaction on March 24, 2022. The transaction is terminated as a result of current unfavorable market conditions.