Delwinds Insurance (NYSE:DWIN) announced this morning that it has received requests to redeem 99.5% of its shares and it is transferring its listing to the NYSE American exchange.

The SPAC noted that it had received requests for to redeem 10,991,407 as of its redemption deadline at 5:00 pm September 12. This came alongside news that inflation had once again exceeded estimates leading to an overall early morning stock rout and what looks to be a medium-term risk-off environment.

Recent weeks had seen some rays of sunshine in the redemptions department as Golden Path (NASDAQ:GPCO) made it to the finish line with its target MC Hologram with just 37.9% of shares redeemed and Riverview closed with Westrock Coffee (NASDAQ:WEST) with 73.5% of shares redeemed in the end. But on a whole, completed SPACs are still averaging 84.6% of shares redeemed on the year.

Delwinds prepared for this eventuality with a backstop worth up to $10 million as well as a $22.5 million convertible debenture and a $40 million committed equity facility announced at the same time as the transaction. The SPAC also announced yesterday that an institutional investor would purchase up to 3,000,000 shares in an FPA, however, this was intended to replace a portion of its backstop investors’ commitments. The deal does not include a minimum cash condition.

The parties announced their $369 million combination earlier this year on February 24. Minneapolis, Minnesota-based FOXO Technologies utilizes AI-driven bioinformatics and technologies to develop and commercialize epigenetic biomarkers of health and aging for the life insurance industry.

Delwinds shareholders are set to vote on the business combination at a special meeting at 9 am ET September 14. The parties expect to close the transaction on or around September 16 and the combined company’s shares are expected to trade under the symbol “FOXO” thereafter.