Future Health ESG (NASDAQ:FHLT) announced in an 8-K this morning that it has terminated its combination agreement with medical technology company Excelera Health.
This comes just a few weeks after the SPAC mutually terminated its $100 million PIPE and $20 million forward purchase agreement (“FPA”) with Variant Capital and Hakim. At that time, Future Health had stated that it did not expect the termination of the PIPE and the FPA to impact Excelera’s operations or delay the closing of the deal. The SPAC also noted in early October that it was in discussions with investors to secure alternative strategic financing that would have been less dilutive to its stockholders.
But, it appears these discussions did not materialize into anything further as Future Health sent a termination notice to Excelera on October 31. As a result of the termination, the SPAC is not obligated to pay any penalties pursuant to the terms of the business combination agreement or any related agreements. Future Health and Excelera now mark the 50th deal to be terminated this year.
The parties originally announced the $459 million deal on June 14, 2022. Newport Beach, California-based Excelera operates a just-launched network of physicians serving Medicare patients through a direct contracting entity (DCE) model aimed at reducing costs.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....