Hong Kong-based APRINOIA Therapeutics and Ross Acquisition II called off their $320 million merger by mutual agreement. No reason was given in the 8-K disclosing the deal termination.
APRINOIA is a clinical-stage biotechnology company focused on neurodegenerative diseases.
The SPAC was founded by Wilbur Ross, former commerce secretary during the Trump Administration.
APRINOIA was to receive the remaining proceeds held in ROSS’s trust account following any redemptions, as well as an additional $7.5 million from an affiliate of Ross and $5 million in commitments from other investors, including existing shareholders of APRINOIA.
There was approximately $350.6 million in ROSS’s trust account at deal announcement in January, however, redemptions since then have reduced the SPAC’s trust to about $65 million.
