Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled.
The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to try and complete a deal and it gave itself a bit more track through an extension vote in June, but that will only get it to December 13.
It also saw 53% redemptions at the vote, leaving it with about $58.9 million in trust. But, it may have enough time to at least nail down a new definitive agreement for its investors to consider ahead of a fresh extension.
Integrated Wellness may also use the time to find a target that is a closer fit with its stated area of focus, which is “the health, nutrition, fitness, wellness, and beauty sectors”. Those are not typically the words that immediately spring to mind when one thinks about vending machines.
Nonetheless, it initially struck its $198 million combination with Refreshing USA in February. At the time, Refreshing USA expected to close its 2022 books with $14.1 million EBITDA from its activities in running 25,000 vending machines, which it projected to continue to grow as offices reopened.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....