QOMPLX, a cloud-native company engaged in risk analytics, and Tailwind Acquisition today said that both companies have mutually agreed to terminate their business combination agreement effective immediately. The companies cited market conditions as the reason.
“The reason for the mutual decision lies with market conditions preventing certain of the closing conditions from being satisfied,” said Philip Krim, chairman of Tailwind.
“QOMPLX remains confident in the strong underlying fundamentals of our business: the rapid growth of the cybersecurity and risk analytics market, our best-in-class product offerings, and our talented team,” said CEO Jason Crabtree. “We look forward to QOMPLX’s bright future of continued growth.”
Neither party will be required to pay the other a termination fee.
Tailwind last month abruptly adjourned two separate shareholder meetings as a vote on the deal was imminent. No reason was given.
Announced in March, the deal would have delivered approximately $280 million of gross proceeds to QOMPLX from a $180 million PIPE, along with approximately $334 million cash held in Tailwind’s trust. Read more.