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.
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