Summit Healthcare (NASDAQ:SMIH) announced that its shareholders have approved its combination with drug-maker YS Biopharma at a special meeting held earlier today.
The SPAC did not disclose redemption figures, but noted that the transaction is expected to deliver approximately $36 million in gross proceeds, which are expected to be used for the clinical development and future commercialization of the company’s vaccines.
The parties expect to officially close the deal on Thursday, March 16, 2023. YS Biopharma will remain as the combined company and its shares and warrants are expected to begin trading on the Nasdaq Capital Market under the symbols “YS” and “YSBPW,” respectively, on Friday, March 17, 2023.
Summit announced the $1 billion deal with YS Biopharma in September 2022. The Beijing-based company currently makes a rabies vaccine for the Chinese market and is working to commercialize a range of new vaccines and other treatments.
Upon closing of the transaction, Mr. Bo Tan, the CEO, Co-Chief Investment Officer, and director of Summit, will join YS Biopharma’s board of directors. The board of directors of YS Biopharma will consist of seven directors, including two current directors of YS Biopharma, Mr. Bo Tan, and four independent directors.
ADVISORS
- Wilson Sonsini Goodrich & Rosati is serving as legal advisors to YS Biopharma
- Jingtian & Gongcheng is serving as legal advisors to YS Biopharma
- Maples Group is serving as legal advisors to YS Biopharma
- Cooley LLP and Ogier are serving as legal advisors to Summit
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