Good Works II Acquisition Corp. (GWII) Terminates Direct Biologics Deal
by Marlena Haddad on 2023-02-16 at 6:03pm

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.

Good Works II Acquisition Corp. (GWII) Terminates Direct Biologics Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-18 at 8:16am

At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...

by Nicholas Alan Clayton on 2025-07-17 at 12:54pm

Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...

by Nicholas Alan Clayton on 2025-07-17 at 8:29am

At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...

by Kristi Marvin on 2025-07-16 at 5:33pm

Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved