Ross Acquisition Corp II (NYSE:ROSS) announced this afternoon that it has mutually terminated its combination with drug developer APRINOIA, effective immediately.
The parties did not disclose why they decided to nix the deal and did not provide further details.
Ross II inked its $319 million business combination with APRINOIA in January, originally bringing about $350.6 million into the deal from its trust. It supplemented this with $12.5 million in convertible notes, $7.5 million of which were to be funded by an affiliate of the SPAC’s CEO, President and Chairman Wilbur Ross, and APRINOIA was expected to receive a $10 million strategic investment from a pharmaceutical partner.
However, the SPAC saw 81.5% of its trust redeemed during previous extension meetings, leaving it with $65.3 million post-vote. It remains unclear whether Ross II will continue to search for an alternative target to combine with or liquidate, but it currently faces a deadline just weeks away on September 16.
Cambridge, Massachusetts-based APRINOIA is developing treatments and diagnostic tools for Alzheimer’s and Parkinson’s that target the toxic proteins that accelerate the diseases’ progression.
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