Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this afternoon that it will adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time on June 21, marking the fourth adjournment for the meeting.
On June 13, the SPAC received a notice from The Nasdaq advising the company that for the last 30 consecutive business days, its market value of listed securities has been below the minimum of $35 million required for continued listing.
Priveterra’s securities will continue to trade on the Nasdaq, but it now has 180 calendar days, or until December 11, to regain compliance. In order to do so, PMGM must trade at or above a level such that its market value closes at or above $35 million for a minimum of ten consecutive business days. If the company fails to do this, then it will face a delisting. Privettera intends to monitor its market value and may consider implementing available options to regain its compliance.
The SPAC continues to state that it has been using this additional time during the postponement to further engage with its shareholders. Aside from voting on a proposal to approve the business combination, shareholders are also voting on proposals pertaining to the management’s powers to make certain governance changes and allowing the company to issue up to 39,913,926 upon close to comply with listing requirements.
Priveterra’s deal with AEON Biopharma includes a $40 million minimum cash condition, half of which has already been secured through a $20 million commitment from existing AEON investors at $7 per share.
But, the SPAC’s trust, originally totaling $276 million, has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes. It now has until August 11 to close the deal.
Priveterra inked its $201.8 million business combination with drug developer AEON on December 13. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
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....