USHG Acquisition Corp. hugs and Panera Brands Inc. said Friday that they have decided to end their partnership, as deteriorating market conditions has made it “unlikely” that an initial public offering for Panera will happen in the near term. USHG, a special purpose acquisition company, and fast-casual restaurant chain Panera, had announced an agreement in November in which USHG would have participated alongside the Panera Brands IPO. As part of the agreement, each USHG share would have been exchanged for a number of shares of Panera common stock following the IPO at an exchange ratio of $10 divided by the IPO price. USHG’s stock was still inactive in premarket trading. The partnership’s end comes at a time of relative investor disdain for recently IPO’d stocks, as the Renaissance IPO ETF ipo has plunged 47.9% year to date while the S&P 500 spx has dropped 20.6%.
Source: Marketwatch
