Ovanti Limited (ASX: OVT) has announced the Ovanti Miluna SPAC Transaction Termination, effective as of 4 March 2026. The Board determined that discontinuing the Miluna SPAC process provides greater flexibility to pursue alternative NASDAQ listing opportunities targeting a valuation of US$300 million or greater for its U.S. BNPL subsidiary, Flote US Inc.
Ovanti terminates Miluna SPAC deal to pursue larger NASDAQ opportunities
The fintech company announced on 5 March 2026 that it had terminated its previously announced proposed SPAC transaction with Miluna Acquisition Corp relating to the NASDAQ listing of Flote US Inc. Following a review of the company’s evolving U.S. capital markets strategy, the Board believes the termination positions Ovanti to pursue value-creating listing opportunities more closely aligned with long-term ambitions for rapid U.S. business expansion.
The Miluna transaction represented an important early step in Ovanti’s U.S. listing strategy. However, as the company’s leadership structure and strategic positioning have continued to evolve, the Board believes Ovanti (ASX: OVT) is now better positioned to pursue a more compelling transaction outcome. The company has already commenced discussions with alternative SPAC sponsors and capital markets partners.
The termination does not change Ovanti’s objective of completing a U.S. public listing for its Flote BNPL platform. Management believes the strengthened leadership structure and refined strategy place the company in a stronger position to pursue a future listing opportunity.
When big ASX news breaks, our subscribers know first
What is a SPAC and why does this matter for OVT shareholders?
A Special Purpose Acquisition Company (SPAC) is a shell company created specifically to raise capital through an initial public offering with the purpose of acquiring an existing private company. SPACs provide private companies with an alternative pathway to public listing on exchanges like NASDAQ without going through the traditional IPO process.
For Ovanti, a SPAC transaction represents a mechanism to list its U.S. BNPL subsidiary, Flote US Inc, on NASDAQ while potentially securing growth capital and institutional investor access. The choice of SPAC partner directly impacts the valuation achieved, the quality of institutional investors involved, and the terms under which the combined entity operates post-merger.
By terminating the Miluna transaction, Ovanti’s Board is signalling confidence that alternative SPAC partners may offer superior terms or better strategic alignment. The target valuation of US$300 million or greater represents a substantial increase in ambition, suggesting management believes Flote’s value proposition has strengthened sufficiently to command more favourable deal terms in the current market.
Leadership changes signal serious U.S. ambitions
Ovanti has strengthened its U.S. strategic oversight with key appointments designed to support a higher-calibre NASDAQ listing process:
- Alessandro (Alex) Gambotto appointed as Chair of the Ovanti U.S. Advisory Board to advance U.S. expansion strategy and capital markets engagement
- Global CEO search underway for a high-profile U.S. CEO with strong fintech and public markets experience
- Required leadership profile: Candidate suited to a NASDAQ-listed fintech targeting US$300 million or greater valuation, capable of engaging effectively with SPAC sponsors, brokers and institutional investors
- Multiple executive appointments expected in the near term to support U.S. growth ambitions
The Board believes Ovanti’s ambitions require leadership calibre appropriate for a substantially larger transaction than originally contemplated. Mr Gambotto will assist the Board as the company progresses toward a future NASDAQ listing, providing strategic oversight during this transitional period.
The company is undertaking a reorganisation of elements of the current team and operations to better support U.S. growth objectives. This operational restructuring signals management’s commitment to executing at scale rather than pursuing an opportunistic listing.
Ongoing SPAC engagement and strategic next steps
Ovanti has commenced discussions with alternative SPAC sponsors and capital markets partners following the Miluna transaction termination. The company is entering a new phase focused on strengthened leadership, accelerated U.S. execution and renewed capital markets engagement.
The Board expects to make several new executive appointments in the near term, indicating an active timeline for implementing the upgraded strategic approach. Management believes the strengthened leadership structure and refined strategy position the company favourably for renewed engagement with SPAC sponsors, leading U.S. stockbrokers and other capital markets partners.
Daler Fayziev, Ovanti Chairman and Group CEO
“While the Miluna transaction was an important step in Ovanti’s early U.S. capital markets strategy, the Board believes the Company is now better positioned to pursue a larger and more strategically aligned opportunity. With strengthened leadership oversight, from a U.S. business leader with strong capital markets and operational experience, the Board feels that Ovanti will be in a strong position for renewed positive engagement with SPAC sponsors, leading U.S. stockbrokers and other capital markets partners.”
The termination provides Ovanti with greater flexibility to pursue opportunities more closely aligned with the company’s long-term ambitions for the rapid expansion of its U.S. business. Management has framed the decision as a strategic upgrade rather than a setback, emphasising that the company’s evolving leadership structure and market positioning now support pursuit of a more compelling transaction outcome.
The next major ASX story will hit our subscribers first
Investment outlook for OVT shareholders
The Ovanti Miluna SPAC Transaction Termination represents a strategic repositioning toward a potentially larger transaction rather than an abandonment of U.S. listing ambitions. The Board’s decision to discontinue the Miluna process in favour of pursuing alternative opportunities targeting US$300 million or greater valuation suggests management confidence in the company’s strengthened positioning.
Shareholders should monitor several near-term catalysts that will indicate progress toward an alternative SPAC transaction:
- Appointment of high-profile U.S. CEO with fintech and public markets experience suited to a NASDAQ-listed company
- Announcement of alternative SPAC partner or capital markets engagement update
- Additional executive appointments to support U.S. growth strategy
- Operational reorganisation outcomes demonstrating readiness for scaled U.S. execution
The company’s willingness to terminate an existing transaction to pursue superior alternatives demonstrates Board discipline and ambition. Active discussions with alternative SPAC sponsors and capital markets partners suggest the timeline to a new announcement could be relatively near-term, though management has not provided specific guidance on expected timing.
For Ovanti (ASX: OVT) shareholders, the core asset for listing remains the Flote BNPL platform. The focus on leadership quality and strategic alignment over transaction expediency should position the company for a more favourable long-term outcome, assuming alternative SPAC discussions progress successfully.
Want the Next Fintech Breakout in Your Inbox?
Join 20,000+ investors getting FREE breaking ASX news delivered within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Big News Blast to receive fintech alerts the moment market-moving announcements hit the ASX.