Kairous Acquisition Corp. Limited (NASDAQ:KACL) announced this afternoon that its business combination with nutrition company Wellous has been mutually terminated.
Since the termination was by mutual agreement, there won’t be a termination fee or other payment due to either party. Kairous, however, did not disclose further details as to why the deal was nixed.
The SPAC inked its $270 million business combination with Wellous in December 2022. Kairous originally raised $78.8 million in total gross proceeds from its December 2021 IPO, but saw 73.2% of this removed due to redemptions during an extension meeting about a week prior to the deal announcement. As a result, it brought about $21 million into the deal through its trust and did not supplement this with other committed sources of capital. Additionally, there was a minimum cash closing condition of $5.6 million.
As of now, Kairous faces a completion deadline of July 16, but can extend its timeline until December 16, for an additional one month each by depositing $120,000 to the trust account for each extension.
The company originally set out to focus on fast-growing tech companies in different industry verticals, including but not limited to e-commerce, financial technology, insurance technology, digital health, digital media and digital services. Kairous is led by CEO and Chairman Joseph Lee Moh Hon and CFO Philip Wong Cheung Wang.
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