Good Works II (NASDAQ:GWII) announced this afternoon that it is mutually terminating its combination with drug developer Direct Biologics, just months after the deal announcement.
The SPAC did not elaborate further on the termination but noted that the agreement contained customary mutual releases and covenants not to sue.
Good Works II initially announced a non-binding LOI with Direct Biologics in September 2022 before finalizing a $723 million definitive agreement with the drug developer in October 2022.
Around that time, the SPAC received shareholder approval to extend its completion deadline from October 14, 2022, to April 14, 2023. But, 20,525,530 shares were redeemed at the meeting, removing 89.24% of the SPAC’s trust. Good Works II originally raised approximately $200 million in proceeds from its IPO in July 2021, but currently has just $24.85 million left in its trust.
Austin, Texas-based Direct Biologics is developing anti-inflammatory treatments aimed at accelerating recovery from COVID-19 infection and other respiratory and inflammation-related ailments.
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