Kin Insurance, a direct-to-consumer homeowners insurance technology company, and Omnichannel Acquisition said they mutually agreed to terminate their merger agreement, effective immediately.
The parties cited current unfavorable market conditions for the decision to call off the deal, which valued the combined companies at $1.03 billion.
The SPAC’s stockholders were set to vote on the deal Feb. 1.
Announced in July, the transaction had been expected to provide Kin with approximately $242 million. Read more.
