Horizon Acquisition Corp. II (NYSE American: HZON), a Greenwich-based special purpose acquisition company (SPAC), has announced the termination of its planned business combination agreement with Flexjet Inc., a subscription-based private aviation company serving ultra-high-net-worth individuals and Fortune 500 corporations.
The business combination agreement was signed last October. While the companies did not publicly disclose why their agreement was being terminated, they issued a statement that their parting was “on mutually acceptable terms.”
The end of the combination agreement will include a termination payment of approximately $30 million from Flexjet to Horizon. Flexjet will remain a private company and Horizon will liquidate its trust account and redeem all of its outstanding Class A ordinary shares for a redemption price of approximately $11.33 per share.
