Integrated Wellness Acquisition in an 8-K said its sponsor entered into an agreement to sell its stake in the SPAC to Sriram Associates, which for $1 will acquire 2,012,500 Class B shares and 4,795,000 warrants.
The handover comes two months after the SPAC terminated a merger agreement with Refreshing USA. That deal was announced in February at an implied pro-forma enterprise value of approximately $198 million.
A favorable extension vote in June still saw redemptions hit 53%, leaving the SPAC with not-quite $59 million in trust.
Integrated Wellness earlier this month filed a proxy seeking shareholder approval to move its completion deadline from Dec. 13 to June 13, 2024. Read more.
