Good Works II (NASDAQ:GWII) announced this afternoon that it is mutually terminating its combination with drug developer Direct Biologics, just months after the deal announcement.
The SPAC did not elaborate further on the termination but noted that the agreement contained customary mutual releases and covenants not to sue.
Good Works II initially announced a non-binding LOI with Direct Biologics in September 2022 before finalizing a $723 million definitive agreement with the drug developer in October 2022.
Around that time, the SPAC received shareholder approval to extend its completion deadline from October 14, 2022, to April 14, 2023. But, 20,525,530 shares were redeemed at the meeting, removing 89.24% of the SPAC’s trust. Good Works II originally raised approximately $200 million in proceeds from its IPO in July 2021, but currently has just $24.85 million left in its trust.
Austin, Texas-based Direct Biologics is developing anti-inflammatory treatments aimed at accelerating recovery from COVID-19 infection and other respiratory and inflammation-related ailments.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...