Pine Technology Acquisition and climate platform The Tomorrow Companies today announced that they have agreed to terminate their proposed merger. The news comes three months to the day that the deal was announced, on Dec. 7.
Although the parties in the news release cited “market conditions” as the reason for the decision to call off the deal, the SPAC in an 8-K filing said Tommorrow will be required to pay $1.5 million under terms of the termination agreement.
The transaction was expected to provide up to $420 million of gross proceeds to the weather-forecasting software company.
Pine Technology still has until March 15, 2023 to seal a deal with another merger target. Read more.
