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.
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy Saudi Arabia Explores Setting Up Framework for SPAC Listings Saudi Arabia’s market regulator is looking into setting up a...