Good Works II (NASDAQ:GWII) announced this afternoon that it is mutually terminating its combination with drug developer Direct Biologics, just months after the deal announcement.
The SPAC did not elaborate further on the termination but noted that the agreement contained customary mutual releases and covenants not to sue.
Good Works II initially announced a non-binding LOI with Direct Biologics in September 2022 before finalizing a $723 million definitive agreement with the drug developer in October 2022.
Around that time, the SPAC received shareholder approval to extend its completion deadline from October 14, 2022, to April 14, 2023. But, 20,525,530 shares were redeemed at the meeting, removing 89.24% of the SPAC’s trust. Good Works II originally raised approximately $200 million in proceeds from its IPO in July 2021, but currently has just $24.85 million left in its trust.
Austin, Texas-based Direct Biologics is developing anti-inflammatory treatments aimed at accelerating recovery from COVID-19 infection and other respiratory and inflammation-related ailments.
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...
At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...