Integrated Wellness Acquisition announced today it has terminated a merger agreement with Refreshing USA. The deal was announced in February at an implied pro-forma enterprise value of approximately $198 million.
The SPAC said conditions to the closing were not satisfied or waived by the July 31 outside date.
Refreshing USA offers vending services, primarily snacks and coffee vending machines for workplace use.
The SPAC and its sponsor say they intend to seek alternative ways to complete a business combination. A completion deadline is coming up in December.
A favorable extension vote in June still saw redemptions hit 53%, leaving the SPAC with not-quite $59 million in trust. Read more.
