Babylon Holdings announced that the proposed merger with MindMaze will not proceed.
Following Babylon’s receipt of funding under its amended bridge notes facility with AlbaCore Capital, Babylon has no binding commitment for additional financing to continue its business operations.
Babylon, a multinational digital health, had accepted a take-private proposal from AlbaCore Capital on behalf of its affiliate digital-neurotherapy company MindMaze.
Babylon went public via an October 2021 merger with Alkuri Global Acquisition, a SPAC run by former Groupon executives. The transaction reflected an initial pro forma equity value of approximately $4.2 billion.
