Insight Acquisition, Avila Energy mutually terminate merger agreement

Insight Acquisition and Avila Energy announced that on August 10, they mutually agreed to terminate, effective immediately, their previously announced Business Combination Agreement by and among Insight Acquisition Corp., Avila Amalco Sub Inc. and Avila Energy Corporation, dated as of April 3. As part of the termination of the BC Agreement, Avila has agreed to pay Insight $300,000 as partial reimbursement of its costs relating to the BC Agreement prior to April 1, 2024. “Due primarily to the changes that have occurred in the SPAC market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list on NASDAQ. We look forward to continuing our business relationship with Insight’s management team,” said Leonard van Betuw, the CEO of Avila. “While Insight has agreed to terminate the BC Agreement with Avila, the Insight management team intends to maintain its professional relationship with Avila and monitor their progress,” said Michael Singer, Executive Chairman of Insight Acquisition.