Isleworth (NASDAQ:ISLE) announced this afternoon that it will not complete a business combination by its initial deadline of September 1, and will instead redeem all shares.
The SPAC will cease all operations on August 29, and shareholders are expected to receive shortly thereafter $10.01 per share. As a result of the liquidation, Isleworth has also cancelled its special meeting of shareholders to extend its deadline that was previously scheduled for tomorrow, August 26.
The move comes several weeks after the SPAC mutually terminated its combination agreement with biopharmaceutical company Cytovia on June 30. Although Isleworth kept the details on the termination to a minimum, it is likely the parties decided to terminate for the same reason a number of other SPACs recently have, which pertains to the headwinds in the SPAC market as well as volatility within the general market. The termination was effective immediately, but Isleworth stated at that time that it was, “currently assessing whether it should extend its life”.
Isleworth Healthcare, which priced an upsized $180 million IPO last year in February 2021, intended to find a revenue generating US healthcare company with direct-to-patient initiatives.
The healthcare-focused SPAC marks the 19th SPAC liquidation in 2022, and the 6th in August thus far. Isleworth was led by Chairman Allen Weiss and CEO Robert Whitehead alongside CFO and EVP Dan Halvorson. The SPAC initially announced its $367 million combination with Cytovia earlier this year on April 27.
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