FoxWayne Enterprises Acquisition Corp. (NASDAQ:FOXW) announced this afternoon that it has agreed to mutually terminate its combination with biopharmaceutical company Aerami Therapeutics.
Similar to other recent SPAC terminations, FoxWayne has also stated that it will be terminating its combination due to unfavorable market conditions. The SPAC’s current extended deadline is April 22, 2022, but FoxWayne can extend an additional three months to July 22, 2022 by contributing $0.025 per share to trust. That gives this SPAC roughly 4.6 months left to complete a business combination, assuming they extend.
The FoxWayne/Aerami deal marks the ninth intended SPAC combination to terminate in 2022 year-to-date, and the third in the biotech/healthcare sector, which as a sector has been struggling. However, on average, those nine terminated deals still have 9.6 months of life left to find another combination and complete.
FoxWayne originally priced a $50 million IPO last January and intends to focus on combining with a biotechnology or telemedicine business in North America that will be resilient to economic cycles. The company is led by Chairman, CEO and CFO Robb Knie.
The SPAC originally announced its combination with Aerami a few months ago in the beginning of December. Durham, North Carolina-based Aerami is developing a series of inhaled therapies for severe respiratory diseases and inhaled insulin solutions.
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...