Summit (NASDAQ:SMIH) announced in an 8-K this morning that it will reschedule its vote to complete its combination with YS Biopharma from March 1 to 9 am, ET March 14.
This will also push forward the redemption deadline to 5 pm, March 10. Since scheduling the initial vote, the SEC has declared YS Biopharma’s F-4 effective. Summit’s estimated redemption rate currently sets at $10.20 per share. The SPAC has more time on the clock if need be as its transaction deadline is not up until June 11.
The parties initially announced their $1 billion combination in September. Beijing-based YS Biopharma makes a rabies vaccine for the Chinese market and is working to commercialize a range of new vaccines and other treatments.
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