Genesis Growth Tech Acquisition in an 8-K said it has terminated a proposed merger with Biolog-id by mutual agreement. The former target is a digital health solution provider focusing on value-chain optimization. The deal had an equity value of $312 million.
Genesis Growth held approximately $257.1 million in trust when the deal was announced in August.
The SPAC said both parties have waived and released all claims as part of the termination.
Genesis Growth Tech raised $220 million in a December 2021 IPO.
The SPAC did not indicate in the 8-K what its next move might be. A successful extension vote has pushed the SPAC’s deadline from March 13 to Sept. 13, although redemptions wiped out 99.6% of the trust, which now holds just over $1 million. Read more.
