Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled.
The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to try and complete a deal and it gave itself a bit more track through an extension vote in June, but that will only get it to December 13.
It also saw 53% redemptions at the vote, leaving it with about $58.9 million in trust. But, it may have enough time to at least nail down a new definitive agreement for its investors to consider ahead of a fresh extension.
Integrated Wellness may also use the time to find a target that is a closer fit with its stated area of focus, which is “the health, nutrition, fitness, wellness, and beauty sectors”. Those are not typically the words that immediately spring to mind when one thinks about vending machines.
Nonetheless, it initially struck its $198 million combination with Refreshing USA in February. At the time, Refreshing USA expected to close its 2022 books with $14.1 million EBITDA from its activities in running 25,000 vending machines, which it projected to continue to grow as offices reopened.
Rithm Acquisition Corp. (NYSE:RAC.U) has filed for a $200 million SPAC with a loaded room of underwriters to hunt down a target in financial services or real estate. The Rithm team has driven aggressive terms for the sponsor’s first SPAC with the help of a deep-pocketed backer and the trio of Citigroup, BTIG and USB...
At the SPAC of Dawn With the North American tariff threats set aside for now, there’s still plenty of momentum for the sorts of investments that might be able to dodge such trade disputes, or become more valuable should trade barriers arise. Among the clearest examples of these are producers of critical materials like rare...
In January 2025, SPAC teams continued extending beyond their third round, with one SPAC notably reaching its seventh extension vote as they searched for suitable deals. The month saw five announcements, marking the highest level in recent months, while only four SPACs held completion votes. Extension Votes In January, 14 extension votes were scheduled, representing...
At the SPAC of Dawn February is set to start with the jolt of a new potential trade war in North America. While some observers had expected tough trade action on China, the incoming administration’s decision to begin with 25% tariffs on the US’ biggest trading partners and neighbors, Mexico and Canada, and tariffs of...
Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....