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.
NMP Acquisition Corp. (NASDAQ:NMPAU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NMPAU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company that has a resilient business model with potential to scale up revenue. NMP’s management...
Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...