Priveterra Acquisition Corp. (NASDAQ:PMGM) announced this afternoon that its special meeting, intended to approve its combination with AEON Biopharma, has been adjourned for the sixth time.
Initially scheduled for noon today, the meeting has now been pushed back to the same time on June 28. The SPAC continues to reiterate its commitment to utilizing the extended time during the postponement to further engage with its shareholders.
The 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, Priveterra’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.
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