Priveterra Acquisition Corp. (PMGM) Secures $20M Commitment for AEON Biopharma Deal
by Marlena Haddad on 2023-01-10 at 8:56am

Priveterra Acquisition Corp. (NASDAQ:PMGM) and its biopharmaceutical target, AEON Biopharma, announced this morning that they have secured an additional $20 million in commitments from existing investors in connection to its business combination.

The SPAC brought about $276 million into the deal through its current trust but aside from today’s funding, it has not yet supplemented this with other committed sources of capital. Priveterra must maintain at least $45 million in cash available in order for the deal to close, which means the SPAC potentially still needs to secure an additional $25 million in capital.

Under the terms of the commitments, the issued security is to be exchanged or converted into Class A common stock of the combined company once the proposed merger is completed, and is expected to fund concurrently with or immediately prior to the closing of the deal.

PMGM announced its $201.8 million business combination with drug developer AEON on December 13, 2022. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.

AEON Biopharma also announced in December the completion of patient enrollment in the Phase 2 study of ABP-450 for the preventive treatment of episodic migraine. The company expects to announce top-line data from the study in the second half of 2023.


Recent Posts
by Kristi Marvin on 2023-11-25 at 11:45am

Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...

by Marlena Haddad on 2023-11-22 at 9:45am

IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...

by Nicholas Alan Clayton on 2023-11-22 at 8:53am

Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....

by Nicholas Alan Clayton on 2023-11-22 at 7:45am

At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved