Malacca Straits Acquisition terminates merger agreement with Indiev

Malacca Straits Acquisition announced, announced that Malacca, Indiev and certain other parties have mutually agreed to terminate their previously announced agreement and plan of merger, effective as of June 8 and it intends to liquidate as soon as practicable on June 16 and to return funds to holders of its Class A ordinary shares. The merger agreement was dated as of September 26, 2022. The parties have signed an agreement terminating the merger agreement on mutually acceptable terms, which also makes void the ancillary documents. In view of the termination of the merger agreement with INDI and certain other parties, on June 8 Malacca Straits Management Company, the sponsor of Malacca, advised Malacca that it did not intend to make additional contribution to Malacca’s trust account and Malacca determined not further extend the deadline date in which Malacca is required to consummate a business combination beyond June 17 and liquidate on such date or as soon as practicable. After satisfying its liabilities for expenses and working capital loans, Malacca expects to redeem all of its outstanding Class A ordinary shares for an estimated redemption price of approximately $10.53 per share after the payment of taxes and dissolution expenses. On or about the close of business on June 16, the Class A ordinary shares will be deemed canceled and will represent only the right to receive the redemption amount. The redemption amount will be payable to the holders of Class A ordinary shares through the facilities of Continental Stock Transfer & Trust, Malacca’s transfer agent. Malacca expects that Nasdaq will file a Form 25 with the Securities and Exchange Commission to delist its securities and to terminate the registration of its securities pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended. Malacca thereafter expects to file a Form 15 to terminate its reporting obligations.