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.
- 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.
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