NEW YORK, Feb. 9, 2022 /PRNewswire/ -- M3-Brigade
Acquisition II Corp. (NYSE: MBAC) ("MBAC"), a special purpose
acquisition corporation, announced today that it has terminated its
merger agreement with Syniverse by mutual agreement of all relevant
parties. As a result, the special meeting of MBAC
stockholders to approve the proposed transaction has been cancelled
and MBAC will seek an alternative business combination.
Mohsin Y. Meghji, the Chief
Executive Officer of MBAC, said, "We are disappointed that recent
changes in market conditions made it impossible to consummate our
proposed merger, but Syniverse is a great company with a strong
management team and we are confident that it has a very bright
future."
The rate of MBAC stockholder redemptions for the proposed
transaction would have exceeded the minimum condition for closing.
"Although the parties collaboratively sought potential solutions in
anticipation of high redemptions as a result of the recent
turbulence in capital markets and growth stocks, these same
conditions prevented the parties from reaching agreement on
modifying the transaction terms," said Donald E. Morgan III, the Founder, Managing
Partner and Chief Investment Officer of Brigade Capital Management,
LP. "Nobody on the MBAC team is happy to have a failed deal
and rest assured that we will have alternative sources of financing
in hand for our next proposed combination," he continued.
MBAC closed its initial public offering on March 8, 2021 and has 24 months from such date to
complete its initial business combination.
About MBAC
MBAC is a special purpose acquisition corporation formed for the
purpose of effecting a merger, stock purchase or similar business
combination with one or more businesses. MBAC is led by key
executives of M3 Partners, LP, a leading financial advisory
services firm that specializes in assisting companies at inflection
points in their growth cycle, and Brigade Capital Management, LP, a
leading global investment advisor that was founded in 2006 to
specialize in credit-focused investment strategies and has
approximately $30 billion in assets
under management.
For more information, contact:
Kristin Celauro
M3-Brigade
Acquisition II Corp.
kcelauro@m3-partners.com
+1.212.202.2223
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SOURCE M3-Brigade Acquisition II Corp.