European Biotech (NASDAQ:EBAC) announced its shareholders have approved its combination with biopharmaceutical firm Oculis at a special meeting held earlier today.
EBAC’s public shareholders holding 11,505,684 Class A ordinary shares, representing 90.21% of the trust, validly elected to redeem their public shares in connection to today’s meeting. This leaves European Biotech with 1,249,100 shares remaining.
Nonetheless, the transaction is now expected to close on March 2, subject to the satisfaction or waiver of the conditions with respect to the business combination. The combined company’s shares and warrants are to trade on the Nasdaq once the deal is completed.
European Biotech announced the $218 million deal with Oculis in October 2022. The SPAC originally brought $128 million cash into the deal through its trust and supplemented this with a $76 million PIPE. Lausanne, Switzerland-based Oculis is developing a range of therapies for eye diseases with the most advanced having entered Phase III trials.
Upon the conclusion of the meeting, several board members of the company voluntarily resigned, including Mr. Martijn Kleijwegt, Mr. Mark Wegter, Mr. Volkert Doeksen and Mr. Onno van de Stolpe, and were replaced by Mr. Riad Sherif and Mr. Anthony Rosenberg. Both members will also serve on the audit committee of the Board.
ADVISORS
- BofA Securities is acting as financial advisor to Oculis.
- SVB Securities is acting as capital market’s advisor to Oculis.
- Cooley (UK) LLP serves as US legal counsel to Oculis.
- VISCHER SA serves as Swiss legal counsel to Oculis.
- PricewaterhouseCoopers SA serves as auditors to Oculis, SA.
- Credit Suisse and Kempen are acting as financial advisor and capital markets advisor.
- Davis Polk & Wardwell LLP serves as U.S. legal counsel to EBAC.
- Stibbe N.V. serves as Dutch legal counsel to EBAC.
- Maples Group serves as Cayman legal counsel to EBAC.
- Credit Suisse, BofA Securities, SVB Securities, Kempen, and Arctica Finance are acting as private placements agents for EBAC in connection with the PIPE Transaction.
- Shearman & Sterling LLP serves as legal counsel to the placement agents.
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....