Biotech Acquisition Company (NASDAQ:BIOT) announced in an 8-K that it has agreed to sell most of its sponsor economics and undergo a management change.
An investor registered as IREEM LLC is purchasing 5,455,000 of Biotech’s promote shares (94.8%) and all 6,000,000 of its private placement warrants for $470,000 in total.
The outgoing team featured experience at a variety of European biotech venture capital firms and is to be replaced by primarily US-focused officers. The SPAC has not yet announced a new name or focus, but its incoming team suggests it could go in a number of different directions.
Laxmi Prasad Palaypu is to serve as CEO and chairman and also chairs New York-based boutique investment firm Interups (OTC:ITUP). Incoming CFO Jon Paul specializes in cannabis industry growth initiatives out of Las Vegas, Nevada. The SPAC’s new Board, meanwhile, features members ranging in experience from pharmaceutical research to steel production and municipal services.
Interups also specializes in deploying funds from Indian wealth management and retirement accounts into REIT and InvIT structures, but this may not be a hint at where the SPAC will look.
The new team’s first task will be getting as much of the SPAC’s estimated $232 million in trust through an extension vote. Biotech’s original transaction deadline is coming up on January 27, 2023 and it has already filed a pre-proxy for a vote without setting a date.
This proxy outlined a 10-month extension to October 27, 2023, and did not include a finalized amount for any proposed contribution to trust.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...