Vickers Vantage Corp. I (NASDAQ: VCKA) announced this afternoon that its shareholders have approved its combination with commercial biopharmaceutical company Scilex, a majority-owned subsidiary of Sorrento Therapeutics, Inc. (Nasdaq: SRNE), at a special meeting held yesterday, November 9.
At the meeting, holders of 10,198,275 shares were present by proxy or in person, representing 77.398% of the total Vickers ordinary shares outstanding. The business combination was approved with 8,202,588 votes in favor of it, and 1,781,233 votes against the proposal.
The press release did not divulge redemption figures, but VCKA traded below its trust value of $10.10 throughout its redemption deadline on November 7. VCKA opened today at $9.03, but has dropped 15% to $8.50, while SRNE has climbed approximately 15% on the announcement to $1.62.
Nonetheless, shares of the common stock will trade on the Nasdaq Capital Market on Friday, November 11, under the ticker symbol “SCLX”.
Vickers Vantage I originally announced its $1.64 billion combination with Scilex on March 18, 2022. The Palo Alto-based company focuses on the development and commercialization of non-opioid pain management products for treatment of acute and chronic pain.
ADVISORS
- Loeb & Loeb, LLP is serving as legal counsel to VCKA.
- Paul Hastings LLP is serving as legal counsel to Scilex.
Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...
Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...
InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...
10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...