Stratospheric exploration and flight company World View and Leo Holdings II announced their mutual agreement to terminate a business combination agreement announced in January at a $350 million enterprise value.
Over the course of 2023, World View said it received strong interest from potential investors. “However, given challenging market conditions, World View and Leo jointly determined that it was the best course of action at this time to not proceed with their previously announced transaction,” the parties said in a joint statement.
As a result, the SPAC said it will not be able to complete a deal by deadline and so will liquidate, effective Dec. 4.
The SPAC’s shares were suspended from trading Friday on the NYSE.
The per-share redemption price is expected to be approximately $10.95.
World View is a Tucson, AZ-based developer of surveillance balloons equipped with remote sensing via the stratosphere, delivering data not available with traditional satellite imaging or fixed-wing aircraft monitoring. Read more.
