Integrated Wellness Acquisition Corp (WEL) Terminates Refreshing USA Deal
by Nicholas Alan Clayton on 2023-09-27 at 9:02am

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.

 

Integrated Wellness Acquisition Corp (WEL) Terminates Refreshing USA Deal
Recent Posts
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...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...

by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

by Kristi Marvin on 2025-07-15 at 6:06am

Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved