Fat Projects Acquisition
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Fat Projects Acquisition Corp (Nasdaq: FATP) was a Singapore-based blank-check company (SPAC) led by CEO Tristan Lo, incorporated in 2021 and listed on December 3, 2021. With no products or operations of its own, it existed to effect a merger or acquisition with one or more target businesses — primarily technology-led opportunities in Southeast Asian supply chain, logistics, finance, ESG, food, agriculture, e-commerce, and big data. In August 2023 it announced a $135.7 million business combination with Avanseus Holdings; when that deal was terminated in November 2023, the SPAC dissolved and liquidated: it ceased operations on November 15, 2023, redeemed public shares at about $10.96 per share from its ~$5.4 million trust account, and pursued Nasdaq delisting and SEC deregistration.
02 / Fat Projects Acquisition FAILURE REASONS
Failure factors
FATP terminated the Avanseus BCA after determining a material adverse effect from steady deterioration in Avanseus’ business/revenues, and did not deposit funds to extend the 15 Nov 2023 combination deadline—triggering charter-required dissolution/liquidation.
Terminated Avanseus BCA after target MAE / revenue deterioration.
Did not extend SPAC combination deadline; charter forced wind-up.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
after missing the combination deadline, Fat Projects Acquisition Corp ceased operations as of 15 Nov 2023 except for winding up, redeemed public shares from the trust, and proceeded to liquidate and dissolve under Cayman law. Later Cayman voluntary liquidation / court-supervision steps followed.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Fat Projects Acquisition Corp, a Singapore-based SPAC led by Tristan Lo, IPO'd on Nasdaq (FATP) on December 3, 2021, seeking Southeast Asian technology-led acquisition targets.
- 02
In August 2023 it announced a business combination with Avanseus Holdings at a pro forma enterprise value of about $135.7 million.
- 03
In November 2023 the Avanseus deal was terminated over a material adverse effect on Avanseus' financial condition; with the charter deadline expiring, the SPAC ceased operations on November 15, 2023, redeemed public shares at about $10.96 per share from its trust account, and moved to delist and deregister.