in Mexico<\/a>.<\/p>\n<\/div>\nThat transaction didn\u2019t come to life, but Playtech, Caliente, and Tekkorp kept negotiations alive in hopes of arranging another deal and procuring an online sports betting permit in Illinois.<\/p>\n
\u201cManagement focused on high-quality opportunities at fair valuations. As a result of persistently high valuation expectations combined with an increasingly volatile market and declining IPO market, the company was unable to secure an opportunity that it believes would offer a compelling return on investment for its shareholders,\u201d according to the SPAC.<\/p>\n
\u201cIn light of these circumstances, the Company has determined that it is not feasible to complete an initial business combination by October 26, 2022, and no longer believes that seeking an extension to such date would allow the Company to secure a compelling opportunity for its shareholders.\u201d<\/p>\n
SPAC Failures Piling Up<\/h2>\n
At the end of the third quarter, 22 SPACs liquidated year-to-date — more than double the tally in the previous five years.<\/p>\n
Several of those liquidations occurred among blank-check firms that were looking for gaming industry targets, or those that had agreements that fall apart in the wagering space.<\/strong><\/p>\nEarlier this week, a regulatory filing from Las Vegas Golden Knights owner Bill Foley<\/a> confirmed he\u2019s shuttering two SPACs, one of which was supposed to merge with Wynn Interactive.<\/p>\n","protected":false},"excerpt":{"rendered":"Tekkorp Digital Acquisition (NASDAQ: TEKK) has scrapped plans to seek an extension to its business combination timeline. It becomes the latest gaming-focused special purpose acquisition company (SPAC) to fall victim to a blank-check thaw in the industry. Earlier this week, the Las Vegas-based SPAC said it\u2019s halting discussions with Playtech, Caliente Interactive, and Caliplay. That […]<\/p>\n","protected":false},"author":46,"featured_media":235991,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[81903,81966],"acf":[],"yoast_head":"\n
Tekkorp Digital Will Liquidate This Month Rather Than Extend Deadline<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n