Astrea Acquisition Corp. (NASDAQ:ASAX)rose 16% after the SPAC terminated a deal to take HotelPlanner and Reservations.com public through a SPAC transaction.
Astrea (ASAX) and the companies mutually terminated the deal effectively immediately and said they believed that ending the business combination was the best path forward for all parties, according to a statement.
The deal termination comes after Astrea announced in early August plans to HotePlanner and Reservations.com public in a deal that was expected to give the combined company a pro forma enterprise value of $567M.
Astrea joins several other SPACs that have recently cancelled transactions as the SPAC market has cooled. Last week M3-Brigade Acquisition II(NYSE:MBAC) terminated its SPAC merger deal with tech firm Syniverse and Atlantic Coastal Acquisition (NASDAQ:ACAH) on Friday has terminated its SPAC merger deal with Essentium.