Better World Acquisition Corp. (NASDAQ:BWAC) announced in an 8-K this afternoon that it has terminated its business combination with Heritage Distilling.
The SPAC notified Heritage that it was electing to terminate the agreement today, but did not provide further details as to why it was nixing the deal. Better World originally raised $127.4 million through its IPO in November 2020, but currently has just $31.8 million in its trust following redemptions at previous extension meetings.
The parties inked the $122 million deal in December 2022 with the hope of completing the transaction in the second quarter of 2023. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest.
Better World originally had 12 months on its clock to find a target company with the ability to extend up to 6 months. However, it has now further held two extension votes, and has already used 4 months of its current extension of six months. As of now, it remains unclear whether Better World will continue its search for an alternative target to combine with or liquidate.
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...