"Throughout this process, we worked diligently to assemble the capital required to complete the transaction and were pleased to have received multiple financing proposals on favorable market terms that would have in aggregate exceeded the minimum cash condition of $75 million as set forth in the Business Combination Agreement. Unfortunately, the unforeseen circumstances affecting a key subsidiary acquisition materially altered the transaction that FACT II had agreed to pursue, leaving the parties with no alternative but to discontinue the proposed business combination. We thank PAD and its advisers for the considerable time and effort invested throughout the transaction process."

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.