Better World Acquisition Corp. (NASDAQ:BWAC) announced in an 8-K this afternoon that it has terminated its business combination with Heritage Distilling.
The SPAC notified Heritage that it was electing to terminate the agreement today, but did not provide further details as to why it was nixing the deal. Better World originally raised $127.4 million through its IPO in November 2020, but currently has just $31.8 million in its trust following redemptions at previous extension meetings.
The parties inked the $122 million deal in December 2022 with the hope of completing the transaction in the second quarter of 2023. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest.
Better World originally had 12 months on its clock to find a target company with the ability to extend up to 6 months. However, it has now further held two extension votes, and has already used 4 months of its current extension of six months. As of now, it remains unclear whether Better World will continue its search for an alternative target to combine with or liquidate.
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