Biotech Acquisition Company (NASDAQ:NAAC) announced this morning that it has for a second time postponed its special meeting to approve its combination with Blade Therapeutics.
This meeting was first pushed back from June 1 and the SPAC has not yet set a new date. As with the previous postponement, Biotech noted that it has obtained sufficient votes to approve the transaction but it needs additional time to satisfy all closing conditions. The record date for the vote remains unchanged as March 28.
Biotech is required to maintain at least $75 million in cash available through its trust and PIPE proceeds in order for the deal to close. It initially announced a $24.3 million PIPE and signed a common stock purchase agreement on May 9 with an affiliate of Cantor Fitzgerald for it to purchase up to $75 million in the combined company’s shares post-close.
Biotech, which raised $230 million at IPO, initially announced its $352.8 million deal with Blade Therapeutics on November 8. San Francisco-based Blade Therapeutics is developing three drug candidates as potential therapies against varying forms of organ fibrosis with its most advanced having completed Phase I.
In April, Blade announced that the FDA has provided the feedback necessary in order for it to proceed to Phase II proof of concept and dose-ranging studies for its cudetaxestat drug candidate.
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Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...