Cascadia Acquisition today announced that its business combination agreement with RealWear has been terminated. The press release disclosing the dead deal did not state whether the decision was mutual or what Cascadia’s next move might be.
However, following a deadline extension vote in February, Cascadia disclosed that 14,710,805 shares were redeemed. That wiped out 78% of the 18.75 million shares outstanding.
The $375.5 million deal was announced just two months ago. Cascadia at that time had $150 million of cash in trust, which it raised in an August 2021 IPO. Proceeds for the transaction were expected to consist of the remaining cash in trust following any redemptions and up to $35 million of additional financing.
RealWear is a hands-free wearable tablet company that provides assisted-reality solutions for industrial use. Read more.