Relativity Acquisition announced today that it has terminated a business combination agreement with SVES, an off-price apparel distribution company based in Florida.
The deal had a pro forma enterprise value of $707.25 million when announced a year ago.
Relativity and its sponsor in a statement said they intend to seek alternative ways to complete a deal.
SVES was founded in 2017 to fill a gap in the retail supply chain by providing full-price retail fashion brands an efficient and effective way to monetize overstocked items.
Initially focused on cannabis companies, Relativity raised $143.75M in a February 2022 IPO. The SPAC recently extended its completion deadline to November.
Relativity late last month said it was notified by the Nasdaq that its securities would be delisted based on the company’s unpaid past due balance of $81,000 in fees owed to the exchange. Read more.
