Although the SPAC did not disclose why the parties nixed the deal, the termination comes just a day after the company held its extension vote. FoxWayne is facing a completion deadline of January 22, but is hoping to gain shareholder approval to extend its timeline by three months to April 22, and then extend another three months to July 22 without another vote.
While FoxWayne initially raised $58.1 million through its IPO in January 2021, it currently has approximately $13.7 million held in trust. The SPAC saw 76.63% of its trust redeemed at a vote held in July 2022 when holders of 4,406,322 shares chose to redeem.
But, this isn’t FOXW’s first deal termination. The SPAC had initially tried to combine with biopharmaceutical company Aerami Therapeutics in December 2021, but the deal was mutually terminated just months later in March 2022. Similar to other SPAC terminations at that time, FoxWayne stated that it had to part ways with its target company due to unfavorable market conditions.
At this time, FOXW has not announced its extension vote results held yesterday, January 19.
FoxWayne announced its $157 million combination with Clover in September 2022. Toronto-based Clover runs a dating app aimed at Gen Z and millennials with live streaming and other social features.