Industrial Tech Acquisitions II announced that it and NEXT Renewable Fuels have mutually agreed to terminate their merger agreement, effective Oct. 31.
The SPAC noted that 15,901,113 share redemptions ahead of an April extension vote removed more than $165 million from the trust. The SPAC currently has 1,348,887 public shares outstanding.
The $530 million deal with Houston-based NEXT Renewable Fuels was announced a year ago.
The transaction was expected to deliver up to approximately $176 million of cash held at deal announcement in the SPAC’s trust account. There was a $50 million minimum cash condition for the deal to close — more than three times the SPAC’s currently available cash..
