Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled.
The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to try and complete a deal and it gave itself a bit more track through an extension vote in June, but that will only get it to December 13.
It also saw 53% redemptions at the vote, leaving it with about $58.9 million in trust. But, it may have enough time to at least nail down a new definitive agreement for its investors to consider ahead of a fresh extension.
Integrated Wellness may also use the time to find a target that is a closer fit with its stated area of focus, which is “the health, nutrition, fitness, wellness, and beauty sectors”. Those are not typically the words that immediately spring to mind when one thinks about vending machines.
Nonetheless, it initially struck its $198 million combination with Refreshing USA in February. At the time, Refreshing USA expected to close its 2022 books with $14.1 million EBITDA from its activities in running 25,000 vending machines, which it projected to continue to grow as offices reopened.
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