Phoenix Biotech (NASDAQ:PBAX) announced in an 8-K that it has postponed its extension vote from July 5 to 11 am ET July 7.
The SPAC’s existing transaction deadline falls on the following day, July 8, but its extension proposal would allow the Phoenix Biotech to extend this by one month up to six times for $0.03 per share contributions to its trust.
This is a boost up from the $0.025 per share Phoenix Biotech had pledged to contribute in its previous proxy. The SPAC now plans to use the extra time to solicit redemption reversals from shareholders, and its sponsor has also converted 4,596,250 Class A shares it holds into Class B shares.
Going into the vote, Phoenix Biotech has about $13.3 million in its trust after seeing 92.6% of shares redeemed at an earlier meeting.
It announced a $112 million combination with CERo Therapeutics last month having terminated an earlier deal with Intrinsic Medicine. San Francisco-based CERo is developing a line of potential cancer treatments and expects to file its first investigational new drug (IND) application in 2024.
SEC Chair Gary Gensler made waves with public remarks last week noting that the agency would be looking at potentially making enforcement actions against companies found to be “AI-washing” their descriptions of business operations, claiming to have an artificial intelligence angle where one does not exist. He did not connect this issue with SPACs directly,...
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