Lux Health Tech Acquisition Corp. (NASDAQ:LUXA) announced this afternoon that it will not consummate a business combination and will instead dissolve and liquidate its trust, effective as of the close of business on October 29.

Lux Health Tech’s liquidation comes just a month after it had signed a non-binding letter of intent (LOI) to combine with an unnamed leading life sciences company. Little else was disclosed in that press release regarding the transaction, but the healthcare-focused SPAC expected to announce further information once the agreement was executed, which was expected to occur in the second half of 2022.

Following the close of business, public shares of LUXA will be deemed cancelled and will represent only the right to receive the redemption amount of $10.04. The SPAC raised $300 million in its October 2020 IPO and originally aimed to combine with a healthcare technology target with an experienced management team of serial entrepreneurs and acclaimed scientists.

As a result of the liquidation, Lux Health Tech has cancelled its special meeting for shareholders on October 13. The management team did not comment on the difficulties of its target search, but a handful of SPACs have recently noted that a challenging environment of high redemptions as well as a potential excise tax on redemptions have caused teams to liquidate.

Lux Health Tech is now the 33rd SPAC to announce its intention to liquidate in 2022.