Benzinga | Dec 6, 2021 06:41AM EST

Pathfinder Acquisition Corporation And Service Max, Inc. Mutually Agree To Terminate Business Combination Agreement Due To Market Conditions

Pathfinder Acquisition Corporation (NASDAQ:PF) ("Pathfinder"), a publicly traded special purpose acquisition company co-sponsored by affiliates of HG and Industry Ventures, and Service Max, Inc. ("Service Max"), announced today that both companies have mutually agreed to terminate their previously announced Business Combination Agreement (the "Business Combination Agreement"), effective immediately, due to unfavorable market conditions. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Business Combination Agreement.

In light of the mutual decision to terminate the Business Combination Agreement, 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 Business Combination Agreement and related transactions.

Pathfinder intends to continue to pursue the consummation of a business combination prior to its dissolution deadline of February 19, 2023 (unless such date is extended in accordance with Pathfinder's governing documents).