Brookline Capital (NASDAQ:BCAC) announced in an 8-K this morning that its shareholders approved its combination with Apexigen at a special meeting July 27.
The filing did not include redemption figures, but the transaction also did not have a minimum cash condition beyond listing requirements. Brookline brought a $15 million PIPE alongside its trust in the deal and Lincoln Park also agreed to purchase up to $50 million of the combined entity’s stock in the two years following the transaction’s close.
Brookline traded below its estimated pro rata trust value of $10.22 throughout its July 25 redemption deadline, but has since soared to a close Wednesday at $10.75. Following the deal’s close, Apexigen is expected to trade on the Nasdaq under the symbol “APGN”.
The parties initially announced the $278 million combination on March 18. San Carlos, California-based Apexigen is developing a range of immunological cancer treatments with four currently in Phase II trials.
It announced the results of its Phase II trials to treat pancreatic cancer with its sotigalimab drug candidate in June.
ADVISORS
- Brookline Capital Markets is acting as capital markets advisor to Brookline Capital Acquisition Corp.
- Wedbush PacGrow is acting as exclusive strategic financial advisor to Apexigen.
- DLA Piper LLP (US) is serving as legal advisor to Brookline Capital Acquisition Corp.
- Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal advisor to Apexigen.
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