Twilio's SPAC merger plan for Syniverse fails; alternative direct investment pursued

TWILIO INC

M-3 Brigade Acquisition II Corp. and Syniverse terminated merger due to excessive shareholder redemptions.
Twilio will not purchase $500M-$750M in MBAC common stock as previously agreed.
Framework Agreement remains; Twilio now pursuing direct $500M-$750M minority investment in Syniverse.
Parties also plan to enter into a wholesale agreement under the Framework Agreement.
August 2021 Framework Agreement amendment terminated with the merger termination.

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