Genesis Growth Tech Acquisition Corp. (NASDAQ:GGAA) announced this afternoon that it has mutually terminated its deal with French medical software firm Biolog-id.
The SPAC originally signed a $312 million memorandum of understanding with the medical software company in August 2022 and intended on financing the combination with about $257.1 million from its trust but never supplemented this with a PIPE. At that time, the parties disclosed that the deal was still being examined by Biolog-id’s social and economic committee in accordance with French law.
The parties did not provide further information on the breakup, and it remains unclear if Genesis Growth Tech will liquidate or continue its search for an alternative target to combine with. It originally intended to combine with a high growth technology and tech-enabled business in Europe, Israel, the U.A.E., and the U.S. in the consumer internet, e-commerce, and software industries.
Although the SPAC recently extended its completion deadline from March 13 to September 13, giving it additional time to find a new target if it wishes to do so, it saw 99.60% of its trust redeemed, or 25,198,961 shares for approximately $10.45 per share, in connection to its extension vote.
So, while Genesis Growth Tech originally planned to finance Biolog-id’s deal with $257 million from its trust, it is now left with just $1.06 million post-vote.
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