Healthwell Acquisition Corp. I (Nasdaq: HWEL) announced on Friday evening that its former target Starton has terminated its business combination.
Although the parties did not provide extensive detail regarding the termination, they clarified that the deal fell through due to certain closing conditions not being satisfied by the outside date of November 3.
Healthwell I unveiled its $339 million combination with Starton earlier this year in April. While the two sides initially agreed on a $15 million closing condition, they later reduced this to $10 million in September.
The SPAC brought about $253.7 million into the deal through its trust, but following redemptions from previous votes, it was left with around $41.8 million. Despite the expectation of supplementing this with $15 million from a PIPE or a debt facility, there has been no confirmation of securing this funding.
Paramus, New Jersey-based Starton is developing a line of treatments to improve efficacies in delivering drugs for certain types of cancer and mitigating the side effects of chemotherapy. Going forward, Starton will continue its clinical efforts to meet the completion of its study for the advancement of its patients.
As a result of this termination, Healthwell I will seek an alternative business combination. With a completion deadline of December 5, it currently has just a month to find a suitable target to combine with. However, it recently filed a proxy to hold a shareholder meeting aimed at extending this deadline until August 2024, granting them a nine-month window to finalize a deal.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...