Better World Acquisition in an 8-K said it terminated a merger agreement with Heritage Distilling, but offered no reason as to why.
At deal announcement in December, the ESG-focused SPAC said it would combine with the craft distiller at a pro forma enterprise value of $122.2 million.
Washington State-based Heritage offers a variety of whiskeys, vodkas, gins and rums produced mainly from local, sustainably sourced ingredients. To accelerate its national wholesale distribution growth strategy, Heritage founded the Tribal Beverage Network to collaborate with Native American tribes to serve patrons of tribal casinos and entertainment venues.
Better World has two months remaining on its current deadline extension. The SPAC raised $126 million in an IPO 2 1/2 years ago, although redemptions following multiple extension votes have whittled the trust down to about $32 million. Read more.