Item 1.02. |
Termination of a Material Definitive Agreement |
Business Combination Agreement, as amended
As previously disclosed
by G Squared Ascend I Inc., a Cayman Islands exempted corporation (the “Company”) in its Current Report on Form
8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 21, 2021, the Company entered into a definitive
Business Combination Agreement, dated September 20, 2021 (the “Business Combination Agreement”) with Transfix,
Inc., a Delaware corporation (“Transfix”), Transfix Holdings, Inc., a Delaware corporation and wholly owned
subsidiary of Transfix (“Holdings”), and Horizon Merger Sub Inc., a Delaware corporation and wholly owned subsidiary
of the Company (“Merger Sub”). Defined terms used herein without definition shall have the meanings given in
the Business Combination Agreement and all references to “Sections” refer to the Business Combination Agreement.
Also, as previously disclosed
by the Company in its Current Report on Form 8-K filed with the SEC on June 13, 2022, the Company entered into an Amendment to the Business
Combination Agreement on June 8, 2022 (the “Amendment”) with Transfix, Holdings and Merger Sub.
Termination
of the Business Combination Agreement
On October 11, 2022 (the “Termination
Date”), the Company and Transfix entered into a Termination Agreement (the “Termination
Agreement”), a copy of which is filed as Exhibit 2.1 hereto, which among other things provides for the mutual termination
of the Business Combination Agreement (as amended by the Amendment) pursuant to Section 9.01(a) of the Business Combination Agreement.
No termination fee or other payment is due to any party to the Business Combination Agreement from any of the other parties as a result
of the termination.
On October
11, 2022, the Company and Transfix jointly released a press release announcing the termination of the Business Combination Agreement,
as amended by the Amendment. A copy of such press release is filed as Exhibit 99.1 hereto.
Termination
of Sponsor Support Agreement
The Sponsor Support Agreement, dated as of September
20, 2021, among the Company, Transfix, Holdings and G Squared Ascend Management I, LLC, a Cayman Islands limited liability company (the
“Sponsor Support Agreement”), automatically terminated in accordance with its terms upon termination of the
Business Combination Agreement. No termination fee or other payment is due to any party to the Sponsor
Support Agreement from any of the other parties as a result of the termination.
The foregoing
descriptions of the Business Combination Agreement and the Sponsor Support Agreement do not purport to be complete and are qualified in
their entirety by the terms and conditions of the full text of such agreements which were previously filed with the SEC and are incorporated
herein by reference.
Forward-Looking
Statements
This Current Report on Form 8-K, exhibits
hereto and information incorporated by reference herein, contains certain “forward-looking statements” within the
meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, with respect to the proposed
Business Combination. These forward-looking statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will
likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their
expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of
future events. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance
on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the
future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information,
future events or otherwise, subject to applicable law.