Kairous Acquisition and Wellous Group Limited have mutually terminated their merger agreement, the SPAC disclosed in an 8-K filing. No reason was given for abandoning the deal.
No termination fee or other payment is due to either party.
The SPAC in December announced the deal with Malaysia-based Wellous Group, an Asia-based international nutrition company that develops, manufactures, markets and sells health and wellness products.
Cash proceeds were to consist of Kairous’s approximately $21 million in trust.
Kairous raised $75 million in a December 2021 IPO although redemptions since then have whittled away at the trust. The SPAC earlier this month extended its termination deadline to July 16. Read more.
