BioPlus (NASDAQ:BIOS) announced this morning that it has mutually terminated its combination with medical device company Avertix.
Unlike with many terminations seen recently, this parting of ways does not appear to have come directly as a result of discouraging redemption results ahead of a major vote and the two sides are still well away from their December 31 outside date.
But, Avertix said in the press release that the two sides “agreed that the current market conditions are not conducive to completing the transaction on terms acceptable to both BIOS and Avertix stakeholders”.
At issue could have been the difficult terms for securing additional outside capital. BioPlus planned to pull together a $50 million PIPE at announcement and was beholden to a $40 million minimum cash condition. The two sides had not made any financing announcements since and in the current risk-off environment, many of the options available require concessions from either sponsor or target.
BioPlus CEO Ross Haghighat has insight into both sides interest as he also already has been serving as Avertix’s executive chairman and will continue on there despite the termination. It is the end of the road for BioPlus, however.
The SPAC noted that it will not seek an alternative business combination and will liquidate as soon as practicable beginning October 4 with a redemption rate of $10.79 after dissolution expenses.
Though unfortunate, the moves come alongside a bright spot of news among biotech de-SPACs as POINT Biopharma (NASDAQ:PNT) just announced it has agreed to be acquired at $12.50 per share by peer Eli Lilly (NYSE:LLY).
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....