Ignyte Acquisition Corp. (NASDAQ:IGNY) announced this morning that its shareholders approved its combination with biopharmaceutical firm Peak Bio at a special meeting on October 25.
The press release did not divulge redemption figures, but noted that the vote received roughly 75% turnout and 75% approval. The SPAC pre-emptively postponed an earlier completion vote scheduled for October 24, likely to help boost turnout, and these efforts appear to have paid off.
As a result, Ignyte has also canceled an October 31 special meeting to extend its November 2 transaction deadline, which may have been necessary if there were further delays.
Once the deal is completed, Peak Bio is expected to trade on the Nasdaq under the symbol “PKBO”. Ignyte and Peak Bio announced their $205 million combination on April 29. Silicon Valley-based Peak Bio is currently developing treatments for respiratory illnesses and cancer with its most advanced drug candidate in Phase II trials.
ADVISORS
- Chardan is serving as the financial advisors to Ignyte
- Ladenburg Thalmann & Co. Inc. is serving as the financial advisors Peak Bio.
- DLA Piper LLP (US) is serving as legal advisor to Ignyte.
- Bae, Kim & Lee LLC and B C Burr McCabe Law are serving as legal advisors to Peak Bio.
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