Cascadia Acquisition Corp (NASDAQ:CCAI) announced this morning that it has terminated its deal with wearable technology-maker RealWear.
With limited details on the termination, it remains unclear if the breakup was mutual and if Cascadia will continue its search for an alternative target.
It originally entered into the $375.5 million business combination with RealWear just months ago in February and expected to close the deal by the second half of 2023. Vancouver, Washington-based RealWear makes cloud-connected headsets to improve the productivity of manual work with enhanced visualizations and access to viewable software.
Cascadia planned on bringing about $150 million into the deal through its trust, which it hoped to supplement with a $35 million PIPE or other financing. But, after an extension meeting held a couple of weeks after the deal announcement, the SPAC saw 98.07% of its trust redeemed, leaving it with $2.92 million post-vote.
It announced the pricing of its $150 million IPO in August 2021 and now faces a completion deadline of August 31 if it chooses to pursue another target. The SPAC originally intended to focus its search on industry sectors that are being fundamentally reshaped by the introduction of advanced technologies, commonly referred to as “Industry 4.0.”
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