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 fifth time.
Initially scheduled for noon today, the meeting has now been rescheduled for the same time on June 26.
On June 13, the SPAC received a notice from The Nasdaq advising the company that for the last 30 consecutive business days, its market value of listed securities has been below the minimum of $35 million required for continued listing.
Priveterra’s securities will continue to trade on the Nasdaq, but it now has until December 11, to regain compliance. In order to do so, PMGM must trade at or above a level such that its market value closes at or above $35 million for a minimum of ten consecutive business days. If the company fails to do this, then it will face a delisting. Privettera intends to monitor its market value and may consider implementing available options to regain its compliance.
The SPAC has reiterated its commitment to utilizing the extended time during the postponement to further engage with its shareholders. Aside from voting on a proposal to approve the business combination, shareholders are also voting on proposals pertaining to the management’s powers to make certain governance changes and allowing the company to issue up to 39,913,926 upon close to comply with listing requirements.
Priveterra’s 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, the SPAC’s trust, originally totaling $276 million, has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes. It now has until August 11 to close the deal.
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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