Newcourt (NASDAQ:NCAC) announced this morning that its shareholders approved its combination with psychedelic medicine company Psyence (CSE:PSYG) during a special meeting yesterday, January 18.
Shareholders opted to redeem 929,727 shares at a redemption price of approximately $11.51 per share in connection with the vote, removing about $10.7 million from Newcourt’s trust and leaving it with 183,294 public shares outstanding and about $2.1 million in trust.
But, earlier this week, the SPAC secured $12.5 million in convertible notes for its deal. The parties also agreed to waive the minimum cash closing condition of $20 million and the investment condition stating that the PIPE should be ready to occur concurrently with the closing.
Newcourt has not yet disclosed a timeline for the closing of the combination, but upon completion, the combined company is expected to continue to trade on both the Nasdaq and the Canadian Securities Exchange.
The SPAC announced its deal with Psyence in January 2023. The Canada-listed company is developing psychedelic drug candidates to potentially treat patients in palliative care and those with severe psychological conditions.
Terms Tracker for the Week Ending April 26, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, it was a quiet week on the new issuance front thanks to Passover and school spring break. Other than 8-ks and some amendments...
AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...