FoxWayne Enterprises Acquisition in an 8-K said it has terminated its deal with Clover, a live streaming company focused on Gen Z and Millennial audiences and creators. The decision was mutual, according to the filing.
As announced last year, the deal called for FoxWayne to pay Clover 15.745 million shares of common stock, or approximately $157.45 million.
FoxWayne had raised about $58 million in a January 2021 IPO, but redemptions last summer dragged the trust down to about $13.7 million.
FoxWayne had also terminated an agreement with Aerami Therapeutics in March 2022.
The SPAC in October pushed its termination deadline back to Jan. 22, then sought an extension until at least April 22 and the authority to extend again if necessary, until July, without another shareholder vote. The SPAC's shareholders voted this week on the extension proposal, but the results have not been publicized. Read more.
Source: FoxWayne Parts Ways with Clover