In a news release dated Dec. 6, 2021, the blank check company Pathfinder Acquisition (PFDR) announced that by mutual agreement it will be canceling its previously announced business combination agreement with Service Max, Inc.
Service Max specializes in asset-centric field service management software. Just before market open this morning, PFDR stock slipped 0.20%.
Unfavorable Market Conditions
Pathfinder Acquisition — co-sponsored by affiliates of HG and Industry Ventures — and Service Max decided to put the brakes on their business combination agreement “due to unfavorable market conditions.” There are no termination fees for either venture associated with the decision to end this combination agreement.
Pathfinder Acquisition Shareholders Meeting Canceled
Due to the decision to put a stop to the business combination agreement with Service Max, Pathfinder has “canceled the extraordinary general meeting of its shareholders, which was scheduled to be held on December 7, 2021, for the purpose of voting” on the proposed combination agreement. Voting on related business combination transactions was also expected to take place.
