Aerami Therapeutics Holdings, Inc. and FoxWayne Enterprises Acquisition Corp. Mutually Agree to Terminate Business Combination Agreement

Rhea-AI Summary

Aerami Therapeutics Holdings and FoxWayne Enterprises Acquisition Corp have mutually agreed to terminate their previously announced business combination agreement due to unfavorable market conditions. This decision, effective immediately, aims to protect the interests of both parties and their stockholders. FoxWayne has until April 22, 2022, to complete an initial business combination, contingent on any extensions per its governing documents. Aerami is focused on developing inhaled therapies for severe respiratory and chronic diseases, with its lead program, AER-901, currently in Phase 1 trials.

Positive

• Strategic decision to terminate agreement could safeguard shareholder interests.

Negative

• Termination of business combination indicates potential instability or lack of viable partnership.
• Unfavorable market conditions may hinder future business combinations or growth for FoxWayne.

DURHAM, N.C. and NEW YORK, March 4, 2022 /PRNewswire/ -- Aerami Therapeutics Holdings, Inc. ("Aerami"), a biopharmaceutical company focused on developing inhaled therapies to treat severe respiratory and chronic diseases, and FoxWayne Enterprises Acquisition Corp. (NASDAQ: FOXW) ("FoxWayne"), a publicly traded special purpose acquisition company ("SPAC"), announced today that they have mutually agreed to terminate their previously announced business combination agreement, effective immediately.

In light of current unfavorable market conditions, Aerami and FoxWayne believe that terminating the business combination agreement is the best path forward for the parties and their respective stockholders.

FoxWayne has until April 22, 2022 to complete an initial business combination (unless such date is extended in accordance with FoxWayne's governing documents).

About Aerami

Aerami is a clinical stage biopharmaceutical company developing inhaled therapies to treat severe respiratory and chronic diseases. Aerami's lead development program is AER-901, a drug-device combination product candidate in Phase 1 for the treatment of pulmonary arterial hypertension. AER-901 is designed to improve drug uptake and deliver consistent, therapeutically effective, and well tolerated levels of a nebulized formulation of imatinib through once-a-day inhalation via the FOX^® device, which is both 510(k) cleared and CE marked and which the Company has licensed from Vectura Limited.

About FoxWayne

FoxWayne is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. FoxWayne is led by Chairman and Chief Executive Officer, Robb Knie.

Aerami Investor Contact:
CORE IR
Tel: 516-222-2560
investors@aerami.com

Aerami Media Contact:
Jules Abraham
CORE IR
Tel: 917-885-7378
julesa@coreir.com

FoxWayne Investor Contact:
Investor Relations
Tel: 917-284-8938
investors@foxwayne.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/aerami-therapeutics-holdings-inc-and-foxwayne-enterprises-acquisition-corp-mutually-agree-to-terminate-business-combination-agreement-301496112.html

SOURCE FoxWayne Enterprises Acquisition Corp

FAQ

Why did Aerami and FoxWayne terminate their business combination agreement?

The termination was mutual, driven by unfavorable market conditions affecting both parties and their stockholders.

What is the deadline for FoxWayne to complete a business combination?

FoxWayne has until April 22, 2022, to complete an initial business combination unless extended.

What is Aerami's lead product and its purpose?

Aerami's lead product is AER-901, aimed at treating pulmonary arterial hypertension through inhalation.

What could be the implications of terminating the agreement for shareholders?

The decision may protect shareholder interests in the short term but raises concerns about the future stability and growth prospects for both companies.