LMF (NASDAQ:LMAO) announced in a press release this afternoon that its shareholders have approved its combination with clinical biotech firm SeaStar Medical at a special meeting held earlier today.
Holders of approximately 79% of LMAO’s issued and outstanding shares cast votes at today’s meeting. The business combination was overwhelmingly approved as the SPAC saw more than 96% of the votes cast were in favor of the transaction.
Although the press release did not disclose redemption amounts, LMAO traded below its trust value of $10.20 throughout its redemption deadline October 14 and closed today at $8.44. The SPAC, however, had been consistently trading above its trust value since the beginning of September.
The parties now expect to close the deal once all closing conditions are satisfied, at which time LMAO will be renamed “SeaStar Medical Holding Corporation” and the company’s common stock and warrants are expected to begin trading on Nasdaq under the new ticker symbols “ICU” and “ICUCW,” respectively.
Just yesterday, LMF entered into a prepaid forward agreement with Vellar Opportunity Fund so that it may purchase shares of LMF common stock, from holders other than LMF or affiliates of LMF, including from holders who have previously elected to redeem. While Vellar does not have an obligation to actually purchase any shares under the agreement, the total “recycled shares” cannot be more than 1,500,000 shares.
Yesterday’s prepaid forward agreement comes nearly two months after LMF entered into a $100 million common stock purchase agreement, a registration rights agreement, and secured a $7 million PIPE.
LMF and SeaStar initially announced their $85 million deal in April 2022. LMF originally brought about $105.7 million into the deal from its current trust and the deal featured a requirement of $15 million unrestricted cash on hand at closing.
Denver-based SeaStar is developing a therapeutic method to address hyper-inflammation with particular applications in treating COVID-19 patients.
ADVISORS
- Maxim Group LLC served as sole financial advisor to SeaStar Medical.
- Skyway Capital Markets LLC served as sole financial and valuation advisor to LMAO.
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...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....