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North Atlantic Acquisition Corporation ("NAAC") (NASDAQ:NAAC), a publicly-traded special purpose acquisition company, announced today that its business combination agreement with TeleSign, Inc. ("TeleSign") has terminated, effective immediately. As a result, the special meeting of NAAC stockholders to approve the proposed transaction has been cancelled and NAAC will seek an alternative business combination.
Gary Quin, Chief Executive Officer of NAAC, said, "We are disappointed that current market conditions made it impossible to complete our proposed merger, but TeleSign is a great company with a strong management team and we are confident that it has a bright future."
Posted In: NAAC
