They withdrew their IPO. Then, they broke off their SPAC merger. Now what?
If at first an IPO doesn’t succeed, try, try a SPAC. But what happens when that fails too?
Intrinsic Medicine and its blank-check partner Phoenix Biotech Acquisition Corp. called off their reverse merger Tuesday night, citing “current market conditions” as the reason it went kaput. The pair decoupled just weeks after agreeing to combine in late October as investors’ appetite for new IPOs and SPACs has been limited, at best.
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