- Panera Brands as well as Caribou Coffee and Einstein Bros. Bagels has announced that there will be no extension of its investment agreement with USHG Acquisition ( NYSE: HUGS ) in light of unfavorable capital market conditions.
- While the parties have collaborated closely since the initial announcement of the transaction, they have agreed not to extend the agreement, which lapsed on June 30, 2022.
- Panera Brands will continue to prepare for and evaluate a potential public listing should market conditions improve.
- “Unfortunately, the deterioration of capital market conditions over the last several months has led to the realization that an IPO may not be imminent, and as a result we felt it was appropriate not to extend our planned partnership." said Niren Chaudhary, CEO of Panera Brands.
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USHG Acquisition, Panera Brands decide to not extend partnership