Cascadia Acquisition Corp. Announces Termination of Business Combination Agreement with RealWear

Rhea-AI Summary

Cascadia Acquisition Corp. (Nasdaq: CCAI) announced the termination of its business combination agreement with RealWear, Inc. The decision was made in accordance with the terms of the agreement, indicating a setback for Cascadia, a special purpose acquisition company focused on merging with businesses in sectors influenced by advanced technologies. Cascadia, sponsored by an affiliate of Cascadia Capital, LLC, concentrates on opportunities reshaping industries through innovation, known as 'Industry 4.0.'

This development raises questions about the future direction of Cascadia and its strategy moving forward, as it was previously positioned to capitalize on emerging technological trends.

Positive

• None.

Negative

• Termination of the business combination agreement with RealWear, Inc. indicates a setback in Cascadia's acquisition strategy.
• The cancellation raises concerns about Cascadia's ability to secure future mergers or acquisitions.

SEATTLE--(BUSINESS WIRE)-- Cascadia Acquisition Corp. (Nasdaq: CCAI) (“Cascadia”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced that its previously announced business combination agreement with RealWear, Inc. and certain other parties has been terminated in accordance with the terms of the agreement.

About Cascadia Acquisition Corp.

Cascadia Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses. Cascadia is sponsored by an affiliate of Cascadia Capital, LLC, an investment banking financial advisor to entrepreneurs, boards of directors and business owners. Cascadia concentrates its initiatives on sourcing business combination opportunities in industry sectors that are being fundamentally reshaped by the introduction of advanced technologies, commonly referred to as “Industry 4.0.”

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “project,” “anticipate,” “will likely result” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, including those regarding the terms of Cascadia’s initial business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Cascadia and are not predictions of actual performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230411005459/en/

Jamie Boyd

Chief Executive Officer

Cascadia Acquisition Corp.

T: +1 206 436 2550

jboyd@cascadiaacquisitioncorp.com

Source: Cascadia Acquisition Corp.

FAQ

What happened with Cascadia Acquisition Corp and RealWear, Inc.?

Cascadia Acquisition Corp. announced the termination of its business combination agreement with RealWear, Inc.

What does the termination of the agreement mean for Cascadia Acquisition Corp.?

The termination indicates a setback in Cascadia's acquisition strategy and raises concerns about its future direction.

What is Cascadia Acquisition Corp. focused on?

Cascadia Acquisition Corp. is focused on merging with businesses in sectors influenced by advanced technologies, often referred to as 'Industry 4.0.'

What impacts can the termination of the agreement have on CCAI stock?

The termination may lead to volatility in CCAI stock as investors reassess the company's prospects and future acquisition strategies.