Priveterra Acquisition Corporation (PMGM) Postpones Extension Vote Again
by Nicholas Alan Clayton on 2023-02-06 at 8:41am

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it has rescheduled its extension vote for a second time, now set for noon, February 10.

The SPAC is also now seeking pulling back the final length of the extension from September 11 to August 11. The sponsor is offering to contribute to the trust the lesser of $240,000 or $0.12 per share for the first three months of this extension. If it has not completed its combination with AEON Biopharma by May 11, then it will further contribute the lesser of $80,000 or $0.04 per share per month thereafter.

These contributions are to come in the form of unsecured promissory notes repayable once the combination is completed. If Priveterra does not complete a deal by the extended date, then these contributions will either be paid by funds outside the trust or will be forfeited or forgiven.

Shareholders have until February 8 to modify their redemption decisions in connection with the vote.

Priveterra inked its $201.8 million business combination with drug developer AEON on December 13, and now faces a completion deadline of February 11. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.

Earlier this month, the SPAC announced it secured $20 million in commitments from existing investors in connection to its business combination. Priveterra originally brought about $276 million into the deal through its current trust but aside from this month’s funding, it has not yet supplemented this with other committed sources of capital. It must maintain at least $45 million in cash available in order for the deal to close.

 

Recent Posts
by Kristi Marvin on 2025-05-07 at 12:13pm

Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...

by Nicholas Alan Clayton on 2025-05-07 at 11:38am

NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...

by Nicholas Alan Clayton on 2025-05-07 at 8:25am

At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...

by Nicholas Alan Clayton on 2025-05-06 at 4:38pm

Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...

by Nicholas Alan Clayton on 2025-05-06 at 3:27pm

Oyster Enterprises II (NASDAQ:OYSEU) has filed for a $200 million SPAC to pursue a broad investment thesis, but one informed by the way that AI is shaking up industries. The new SPAC has units each containing one right to a 1/10 share and it will have 24 months to initially complete a business combination without...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved