SCVX and Bright Machines today called it quits on their planned merger. The decision was mutual, the companies said in a news release.
Both companies cited “the low likelihood” of closing the deal prior to the looming Jan. 15 “outside date” in the merger agreement, as well as current market conditions.
Announced in May, the deal had a $1.1 billion valuation for the combined company. Bright Machines was to receive up to $435 million in gross proceeds.
SCVX said it is considering alternative transactions, including extending its current dissolution deadline of Jan. 28 and pursuing another business combination. Read more.
