Future Health ESG in an 8-K filing said it has called off a $459 million merger deal with Excelera Health, an Accountable Care Organization and AI platform.
The deal was announced in June. Terms called for the spac to issue 40 million shares to the seller, followed by an earn-out of 20 million additional shares when Excelera achieves $150 million in revenue for any calendar quarter prior to the fifth anniversary of the closing.
Future Health in the filing said it is not obligated to pay a penalty fee as a result of the termination. No reason was given for calling off the deal.
Future Health in mid-October mutually terminated a $100 million PIPE and $20 million forward purchase agreement with Variant Capital and Hakim. The SPAC said at the time that ending those financial arrangements would not impaxct its deal with Excelera. Read more.
