M&A
confidence high
sentiment negative
materiality 0.60
Odenza Corp. terminates LOI to acquire Adventure Air Race Company, reverse merger called off
Zhanling International Ltd
- Mutual termination of June 17, 2021 LOI to acquire AARC via share exchange; effective Sept 30, 2021.
- Under the LOI AARC would receive 84M new shares (~95.82% of ODZA's outstanding common stock).
- No shares of AARC had been transferred; parties waived all claims under the agreement.
- Board states termination will not materially impact existing business operations or financial position.