PLEASANTON and
PALO ALTO, Calif.,
Dec. 6, 2021 /PR
Newswire/ -- Pathfinder Acquisition Corporation (NASDAQ: PF DR)
("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).
About Pathfinder
Pathfinder is a purpose-built
partnership between affiliates of two investment firms with a
strong record of success as investors in technology and
tech-enabled businesses: HG, a leading middle-market private equity
firm based in Palo Alto, and
Industry Ventures, a leading multi-strategy venture capital
platform based in San Francisco.
Pathfinder's corporate objective is to identify and execute a
business combination with a high quality, growth-oriented private
company in the tech sector that Pathfinder believes can succeed as
a public company and generate attractive returns for shareholders
over the long term.
About Service Max
Service Max's mission is to help
customers keep the world running with asset-centric field service
management software. As a recognized leader in this space, Service
Max's mobile apps and cloud-based software provide a complete view
of assets to field service teams. By optimizing field service
operations, customers across all industries can better manage the
complexities of service, support faster growth, and run more
profitable, outcome-centric businesses.
Forward-Looking Statements
This communication contains
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995 that are based on beliefs and assumptions and on
information currently available to Pathfinder. In some cases, you
can identify forward-looking statements by the following words:
"may," "will," "could," "would," "should," "expect," "intend,"
"plan," "anticipate," "believe," "estimate," "predict," "project,"
"potential," "continue," "ongoing," "target," "seek" or the
negative or plural of these words, or other similar expressions
that are predictions or indicate future events or prospects,
although not all forward looking statements contain these words.
Any statements that refer to expectations, projections or other
characterizations of future events or circumstances, are also
forward-looking statements. These statements involve risks,
uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to be materially
different from the information expressed or implied by these
forward-looking statements. Pathfinder cannot assure you that the
forward-looking statements in this communication will prove to be
accurate. These forward-looking statements are subject to a number
of risks and uncertainties, including those included under the
heading "Risk Factors" in the final prospectus filed by Pathfinder
on February 18, 2021 relating to
Pathfinder's initial public offering and in its subsequent periodic
reports and other quarterly filings with the SEC. In light of the
significant uncertainties in these forward-looking statements, you
should not regard these statements as a representation or warranty
by Pathfinder, Service Max, their respective directors, officers or
employees or any other person that Pathfinder will achieve its
objectives and plans in any specified time frame, or at all. The
forward-looking statements in this communication represent the
views of Pathfinder as of the date of this communication.
Subsequent events and developments may cause that view to change.
However, while Pathfinder may elect to update these forward-looking
statements at some point in the future, there is no current
intention to do so, except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing the views of Pathfinder as of any date
subsequent to the date of this communication.
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SOURCE Pathfinder Acquisition Corporation