Newcourt (NASDAQ:NCAC) has closed its combination with psychedelic medicine company Psyence (CSE:PSYG) and will begin trading on The Nasdaq under the new ticker symbol ticker symbol “PBM” on January 26.
Shareholders previously approved the combination during a special meeting held on January 18.
In connection with last week’s vote, shareholders opted to redeem 929,727 shares at a redemption price of approximately $11.51 per share, removing about $10.7 million from Newcourt’s trust and leaving it with 183,294 public shares outstanding and about $2.1 million in trust.
In connection with the combination, Psyence Biomed entered into a securities purchase agreement under which it will raise up to $10 million in funding through the issuance of up to four senior secured convertible notes with a US-based investment firm. The combined company intends to use the note financing to further its clinical trials conducted in Australia.
Psyence Biomed has partnered with the Australian-based research organization iNGENu to conduct its clinical trial in palliative care. Upon successful completion of the study, the combined company plans to conduct a multinational Phase III study.
The SPAC announced its deal with Psyence in January 2023. The Canada-listed company is developing psychedelic drug candidates to potentially treat patients in palliative care and those with severe psychological conditions.
Psyence Biomedical plans to use the funds from the deal to expedite its clinical trials and expand its market presence.
ADVISORS
- Bayline Capital Partners Inc. is acting as capital markets advisor to Psyence.
- WeirFoulds LLP is acting as Canadian legal advisor to Psyence.
- Morgan, Lewis & Bockius LLP is acting as U.S. legal advisor to Psyence.
- McDermott Will & Emery LLP is acting as U.S. legal advisor to Newcourt.
Terms Tracker for the Week Ending May 10, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the second week in a row SPACs priced an IPO, this time coming from Cantor as underwriter. GP-Act III Acquisition Corp., which matched last...
YHN I (NASDAQ:DTSQU) has filed for a $60 million IPO today and brought with it a number of questions, chief among them: who is their underwriter? This is the first entry into SPAC underwriting for Lucid Capital Markets, a firm that does not appear to have a web presence or much of an existing reputation...
WinVest (NASDAQ:WINV) has entered into a definitive agreement to combine with ecommerce platform Xtribe at an equity value of $141 million. London-based Xtribe provides an ecommerce and ad-targeting marketplace connecting buyers and sellers in their local areas. The combined company is expected to trade on the Nasdaq once the deal is completed in late 2024....
At the SPAC of Dawn The long drought of new SPAC deals broke yesterday evening with WinVest‘s (NASDAQ:WINV) announcement of a $141 million ecommerce deal. It came exactly one month after the last deal, Blockchain Coinvestors‘ (NASDAQ:BCSA) announced tie-up with fintech Linqto. Before this, the SPAC market had scarcely gone two weeks without a fresh...
Thunder Bridge Capital Partners IV (NASDAQ:THCP) this week announced it believes it is nearing an SEC approval for its combination with Japanese crypto market place Coincheck, enough so that it aims to make it file its first public registration statement after previously filing them confidentially. Progress on the deal is surely welcome as it is...