The parties did not disclose why they decided to nix the deal and did not provide further details.
Ross II inked its $319 million business combination with APRINOIA in January, originally bringing about $350.6 million into the deal from its trust. It supplemented this with $12.5 million in convertible notes, $7.5 million of which were to be funded by an affiliate of the SPAC’s CEO, President and Chairman Wilbur Ross, and APRINOIA was expected to receive a $10 million strategic investment from a pharmaceutical partner.
However, the SPAC saw 81.5% of its trust redeemed during previous extension meetings, leaving it with $65.3 million post-vote. It remains unclear whether Ross II will continue to search for an alternative target to combine with or liquidate, but it currently faces a deadline just weeks away on September 16.
Cambridge, Massachusetts-based APRINOIA is developing treatments and diagnostic tools for Alzheimer’s and Parkinson’s that target the toxic proteins that accelerate the diseases’ progression.