Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13.
The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures that go beyond approving the deal. 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 NYSE listing requirements.
Priveterra has already secured half of the transaction’s $40 million minimum cash condition through a $20 million commitment from existing AEON investors at $7 per share. But, the SPAC has very little wiggle room for making up the rest as its trust has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes.
At its extension vote in February, Priveterra also postponed the meeting twice and made slight concessions in between. 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.
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...