Larkspur Health (LSPR) Secures $10M for ZyVersa Deal
by Marlena Haddad on 2022-09-27 at 3:23pm

Larkspur Health (NASDAQ:LSPR) announced this afternoon that it has secured commitments of $10 million for its proposed merger with specialty biopharmaceutical company ZyVersa.

Of that $10 million, $8.5 million will be a PIPE investment in the form of contingent financing that will provide for the purchase of Convertible Preferred Stock of LSPR. Larkspur Health had originally planned to supplement the deal with a $7 million PIPE, which was also contingent upon ZyVersa obtaining additional interim financing, but the SPAC was able to bring in $1.5 million more than expected.

The remaining amount of today’s announced capital is part of a bridge, an interim finance round of approximately $1.5 million. The commitment is from an offering of Series A Convertible Preferred Stock of ZyVersa which will convert into ZyVersa common stock in connection with the transaction.

Capital raised in the bridge will be used to support the advancement of research and development programs and ongoing ZyVersa operations and, along with funds from the PIPE Investment, will be used by the combined company following the business combination for similar purposes.

The PIPE Investment is anticipated to close simultaneously with the closing of the transaction, which is still expected to take place in the fourth quarter of 2022. Upon closing of the deal, Larkspur is expected to be renamed ZyVersa Therapeutics, Inc. and will continue to operate under the ZyVersa management team, led by Stephen C. Glover, Co-Founder, CEO, and Chairman. The combined company’s common stock is expected to be listed on NASDAQ under ticker symbol “ZVSA.”

The SPAC announced its $108.9 million deal with ZyVersa just a few months ago on July 21, 2022. Weston, Florida-based ZyVersa is developing clinical and preclinical treatments for a variety of inflammatory diseases affecting the kidneys and nervous system.

 

Larkspur Health (LSPR) Secures $10M for ZyVersa Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-17 at 12:54pm

Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...

by Nicholas Alan Clayton on 2025-07-17 at 8:29am

At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...

by Kristi Marvin on 2025-07-16 at 5:33pm

Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved