Friday, July 1, 2022

SPAC Abandons Effort To Take Telesign Public

Los Angeles-based Telesign and New York-based SPAC North Atlantic Acquisition Corporation have abandoned their efforts to take Telesign public via NACC. According to NACC, its business combination agreement with Telesign "has terminated, effective immediately" and that it has cancelled its special meeting of stockholders to approve the transaction, and will "seek an alternative business combination." NACC cited "current market conditions" for the sudden termination of the deal between the companies, but said "TeleSign is a great company with a strong management team and we are confident that it has a bright future."