Welsbach Technology Metals Acquisition and WaveTech Group today announced that they have reached a mutual decision to discontinue merger plans. The parties in a statement said current unfavorable market conditions do not provide an optimal environment for the planned integration.
“While we had hoped to create significant synergies through the proposed merger, based on the current climate, we believe that our independent paths offer a more favourable strategy to create value and growth,” said Daniel Mamadou, CEO and chairman of Welsbach. He also thanked stakeholders in both companies for their patience.
WaveTech specializes in next-generation battery-enhancing technologies.
The SPAC last month deployed the fourth deadline extension since the deal was announced last November. Redemptions ahead of an extension vote in March wiped out more than half the SPAC's trust. Welsbach now has about $37.7 million in trust.
At deal announcement, the WaveTech acquisition carried a pro forma enterprise value of $228 million. Read more.