JATT Acquisition Corp. (NYSE: JATT) announced this afternoon that its shareholders have approved its combination with clinical-stage biotechnology company Zura Bio.
A total of 4,907,863 ordinary shares, or 95.5% of JATT’s issued and outstanding ordinary shares, were present at today’s special meeting. The business combination was overwhelmingly approved as holders of 4,903,764 ordinary shares, or 99.9% of the votes cast at the meeting, voted in favor of the deal.
The parties expect to close the deal on March 20 after all closing conditions are satisfied or waived. The combined company’s ordinary shares and warrants are anticipated to begin trading on the Nasdaq on March 21 under the new ticker symbols, “ZURA” and “ZURAW”, respectively.
The SPAC disclosed last week that following the close, it will issue 2,500,000 new shares to its FPA investors. FPA investors Athanor Master Fund and affiliates already agreed to expand their FPA purchases last month to 3,000,000 shares at $10 per share and provide a binding redemption backstop of $15 million covering any redemptions in excess of 90%.
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.
- 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: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...