Isleworth Healthcare Acquisition announced that it cancelled a shareholders meeting scheduled for today and that it will redeem shares effective at the close of business Aug. 29 because the SPAC will not complete a merger by its Sept. 1 deadline. Today’s cancelled shareholder meeting was to include a vote on a deadline extension to as late as March 2023.
Shares will end trading today on the Nasdaq. Warrants expire worthless.
The per-share redemption price will be approximately $10.01, the SPAC said in a press release.
Isleworth raised $180 million in a February 2021 IPO.
The SPAC in July terminated a merger agreement with Cytovia Holdings that was valued at $602 million. At that time, management expressed uncertainty over whether to continue the pursuit of an alternative business combination. Read more.
