JATT Acquisition Corp. (JATT) Expands FPA for Zura Bio Deal
by Nicholas Alan Clayton on 2023-03-10 at 7:23am

JATT (NYSE:JATT) announced in an 8-K this morning that it will now issue 2,500,000 new shares to its FPA investors following the close of its business combination with Zura Bio.

FPA investors Athanor Master Fund and affiliates already agreed to expand their FPA purchases last month to 3,000,000 shares at $10 per share and provide a binding redemption backstop of $15 million covering any redemptions in excess of 90%.

With these backstop purchases, Athanor is to receive 1.087 shares for each Class A share that it bought that would have otherwise been redeemed above the threshold. As further compensation, JATT will now issue Athanor 2,500,000 new shares at close.

Should the backstop not be triggered, Athanor will receive its 5,500,00 shares in the combined company effectively at $5.45 per share.  In the event the backstop is fully utilized, Athanor will be receiving a total of 7,130,500 shares at effectively $6.31 per share.

Overall, this new committed funding ensures that JATT, together with an existing $20 million PIPE, will meet the $65 million minimum cash condition of its business combination with Zura Bio. JATT shareholders are set to vote to complete the combination at a special meeting on March 16.

But, because only 2,500,000 of the 7,500,000 shares issued across the FPA and PIPE are to be done so below $10 per share (and $9.20 is the threshold), these moves are unlikely to trigger JATT’s Crescent Term. Under the terms of its prospectus, the exercise price of its warrants are only to be adjusted if newly issued securities below $9.20 represent more than 60%.

The parties initially announced their $215 million business combination in June 2022. London-based Zura Bio is a clinical-stage firm developing novel medicines for immune disorders with an initial focus on alopecia.

JATT Acquisition Corp. (JATT) Expands FPA for Zura Bio Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-11 at 8:24am

At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...

by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved