FACT II Acquisition Corp. has terminated its previously announced business combination with Precision Aerospace & Defense Group, Inc. Chief Executive Officer Adam Gishen stated that while the company had secured multiple financing proposals exceeding the $75 million minimum cash condition, unforeseen circumstances affecting a key subsidiary acquisition materially altered the transaction, leaving no alternative but to discontinue the deal. FACT II, a special purpose acquisition company that raised $175 million in its November 2024 initial public offering, will continue to evaluate alternative business combination opportunities. The company will file a Current Report on Form 8-K with the Securities and Exchange Commission providing additional details on the termination.
FACT II Acquisition Corp.Termination of business combination deal, leaving SPAC without target.
Termination of business combination with SPAC, losing access to public market financing.