Merger Termination

The SPAC in an 8-K filing today said it has called off its proposed merger with Varian Biopharmaceuticals, alleging the target is in breach "of one or more covenants" in the merger agreement.

Aries has up to 8 more additional monthly deadline extensions it could deploy in pursuit of another deal.

The deal announced in June valued Rally at pro forma enterprise value of $208 million.

The potential deal between Saxo and the SPAC was initially announced in mid-September. If it had materialized, the merged entity was expected to list on the Euronext Amsterdam.

As announced in October, Intrinsic was set to receive up to $178.8 million of cash held in trust, which assumed zero redemptions. The business combination reflected a pre-money equity value of $136 million for Intrinsic.

Gores VIII in September had announced that developing market conditions prompted it to lower the estimated pro forma enterprise value of Footprint to $1 billion, down from $1.6 billion.

The SPAC last month said it would seek to push the deal deadline back to Jan. 31.

The SPAC disclosed that if Surf Air completes a direct listing, IPO, a SPAC transaction or a sale by Nov. 14, 2025, Surf Air will issue to Tuscan 600,000 shares and reimburse Tuscan’s expenses by issuing an additional 35,000 shares or paying the SPAC $700,000 in cash.

VM Hotel Acquisition Corporation, a SPAC sponsored by VCM Global Asset Management, was launched in January 2021 with the goal of acquiring distressed hotel assets, according to its prospectus. 

Future Health in the filing said it is not obligated to pay a penalty fee as a result of the termination. No reason was given for calling off the deal.