SPK Acquisition in an 8-K filing today said it has called off its proposed merger with Varian Biopharmaceuticals, alleging the target is in breach “of one or more covenants” in the merger agreement. The business combination was valued at $116 million.
Because the SPAC’s sponsor has not deposited the requisite $50,000 to extend the merger deadline by another month, SPK said it will instead liquidate. Redemptions are expcted to be completed by Thursday.
Based in Shanghai, SPK raised $50 million in a June 2021 IPO. Read more.
