Ovanti Limited has terminated its SPAC transaction with Miluna Acquisition Corp, shifting focus to alternative NASDAQ listing opportunities better aligned with its U.S. expansion strategy. The company is strengthening leadership and accelerating its U.S. growth plans.
- Termination of Miluna Acquisition Corp SPAC transaction
- Focus on alternative NASDAQ listing opportunities
- Appointment of Alessandro Gambotto as U.S. Advisory Board Chair
- Global search underway for U.S. CEO with fintech and public markets experience
- Ongoing engagement with new SPAC sponsors and capital markets partners
Strategic Shift in U.S. Listing Plans
Ovanti Limited (ASX: OVT) has officially ended its previously announced SPAC transaction with Miluna Acquisition Corp, which was intended to facilitate the NASDAQ listing of its U.S. buy now, pay later (BNPL) subsidiary, Flote US Inc. This move, announced on 4 March 2026, reflects a strategic pivot by Ovanti’s board to pursue alternative listing routes that better align with the company’s long-term ambitions for rapid expansion in the U.S. market.
The Miluna deal was an important initial step in Ovanti’s U.S. capital markets journey. However, as the company’s leadership and strategic positioning have evolved, the board believes that discontinuing the Miluna transaction provides greater flexibility to seek a more compelling and value-accretive outcome.
Strengthening Leadership for U.S. Growth
To support this refined strategy, Ovanti has bolstered its U.S. leadership by appointing Alessandro (Alex) Gambotto as Chair of its U.S. Advisory Board. Gambotto’s role will be pivotal in advancing the company’s expansion and capital markets engagement as Ovanti prepares for a future NASDAQ listing.
In addition, Ovanti has launched a global search for a high-profile U.S.-based CEO with deep fintech and public markets experience. The board emphasises the need for leadership capable of navigating the complexities of a NASDAQ-listed fintech company targeting a valuation around US$300 million or more. This new CEO will be instrumental in engaging with SPAC sponsors, brokers, and institutional investors to secure the best possible listing outcome.
Ongoing Capital Markets Engagement
Despite terminating the Miluna transaction, Ovanti remains committed to completing a U.S. public listing for Flote. The company has already initiated discussions with alternative SPAC sponsors and capital markets partners, confident that its strengthened leadership and refined strategy position it well for future opportunities.
Ovanti is entering a new phase focused on accelerated U.S. execution, leadership enhancement, and renewed capital markets engagement. The board anticipates several new executive appointments and organisational restructuring to better support its ambitious U.S. growth plans.
Looking Ahead
Chairman and Group CEO Daler Fayziev commented that while the Miluna transaction was a key early step, the company is now better positioned to pursue a larger and more strategically aligned opportunity. With enhanced leadership oversight and a clear focus on U.S. market dynamics, Ovanti aims to engage positively with SPAC sponsors, leading stockbrokers, and capital markets partners to realise its growth ambitions.
Bottom Line?
Ovanti’s strategic reset signals a bolder push into the U.S. fintech market, with leadership upgrades and fresh capital market pursuits set to shape its next chapter.
Questions in the middle?
- Which alternative SPAC sponsors or listing routes is Ovanti currently considering?
- How soon can investors expect the appointment of the new U.S. CEO and other key executives?
- What specific operational changes will Ovanti implement to support its accelerated U.S. expansion?