Priveterra Acquisition Corp. (NASDAQ:PMGM) announced this afternoon that its special meeting, intended to approve its combination with AEON Biopharma, has been adjourned for the seventh consecutive time.
Given the SPAC’s completion deadline of August 11, it is unlikely that this will be the last adjournment we will see for this completion vote.
Initially scheduled for noon today, the meeting has now been pushed back until June 30 at 4:00 p.m. Priveterra continues to reiterate its commitment to utilizing the extended time during the postponement to further engage with its shareholders.
The deal with AEON Biopharma includes a $40 million minimum cash condition, half of which has already been secured through a $20 million commitment from existing AEON investors at $7 per share. But, Priveterra’s trust, originally totaling $276 million, has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes.
Priveterra inked its $201.8 million business combination with drug developer AEON on December 13. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.
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