good works ii acquisition in an 8-K said it has called off the proposed business combination with Direct Biologics that was announced in October. The decision was mutual, according to the filing. While the SPAC did not elaborate, the termination agreement contains standard boilerplate for mutual releases and covenatns not to file suit.
At deal announcement there was a minimum cash condition of $75 million to close the deal. Direct Biologics was also conducting a private placement of up to $100 million. The combination had an enterprise value of $675 million. Read more.
Source: Good Works II Acquisition Terminates 5M Direct Biologics Deal