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.
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