JATT Acquisition Corp. (NYSE: JATT) announced this morning that it has closed its combination with biotech firm Zura Bio.
The combined company’s shares and warrants are expected to begin trading on the Nasdaq later today, March 21, under the symbols “ZURA” and “ZURAW”, respectively.
The combination has netted Zura Bio about $65 million in gross cash proceeds, which it will use to advance its existing clinical portfolio and make acquisitions. This funding came primarily in the form of a $50 million PIPE and $15 million in forward purchase agreements.
JATT initially announced its $215 million business combination with Zura Bio in June 2022. London-based Zura Bio is a clinical-stage firm developing novel medicines for immune disorders with an initial focus on alopecia.
Alopecia itself afflicts about 700,000 Americans and 6.8 million have had it at some point in their lifetime, but the same auto-immune blockers that Zura Bio is researching might also be effective against asthma, ulcerative colitis, vitiligo, and type 1 diabetes mellitus among other conditions. Altogether, Zura Bio believes it could have a treatment market of 150 million worth about $100 billion.
- Raymond James & Associates, Inc. and its affiliates (together, “Raymond James”) is acting as the lead PIPE placement agent
- Raymond James & Associates, Inc. is financial advisor to JATT in the transaction.
- McDermott Will & Emery LLP is acting as legal counsel to Zura Bio.
- Ogier is acting as legal counsel to Zura Bio.
- Loeb & Loeb LLP and Simmons & Simmons are acting as legal counsel to JATT
- Maples and Calder (Cayman) LLP are acting as Cayman Islands legal counsel to JATT.
- Paul Hastings LLP is acting as legal counsel to Raymond James.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...
Latest Non-Redemption Agreements: EVe Mobility EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 5, 2023, EVe Mobility Acquisition Corp. (NYSE:EVE) and the Sponsor entered into non-redemption agreements with unaffiliated third party investors, pursuant to which the Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior...