In a surprise move, Flagship's Valo Health and Khosla Ventures SPAC call off merger
By most accounts, the biotech sector has boomed throughout the Covid-19 pandemic, particularly for companies looking to go public through a traditional IPO or the ever-more-popular SPAC route. But as one Flagship biotech found out, some of the luster might be wearing off.
Valo Health and its SPAC partner, the first of Khosla Ventures’ three blank check companies, called off their merger late Monday in a statement citing only the vague “current market conditions” as the reason. The termination came just one day before a shareholder meeting where a vote on the merger was expected.
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