OTR Acquisition Corp. (NASDAQ:ORTA) filed an 8-K this afternoon with the results of its shareholders vote to approve its combination with biotech firm Comera Life Sciences in a special meeting held on Tuesday.
The business combination was overwhelmingly approved as it saw 9,675,143 votes in favor of the transaction and just 177,849 against it. But, today’s 8-K filing disclosed that holders of an aggregate of 10,279,363 shares of ORTA exercised their right to redeem their shares, removing 98.392% of the SPAC’s trust.
The parties did not disclose an exact timeline for the closing of the business combination, but it is expected to be completed shortly. Following the closing, the combined company is expected to trade on the Nasdaq.
OTR initially announced its $151.3 million combination with Comera on January 31, 2022. The Woburn, Massachusetts-based company utilizes formulation science and technology to transform essential biologic medicine from IV to subcutaneous forms.
The company’s stockholders also approved the Charter Amendment Proposal and the Equity Incentive Award Plan Proposal during Tuesday’s special meeting.
ADVISORS
- Maxim Group LLC served as sole financial and capital markets advisor to Comera in connection with the business combination agreement.
- Loeb & Loeb LLP is serving as legal counsel for Comera, and Greenberg Traurig LLP is serving as legal counsel for OTR
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