Tottenham Acquisition I Ltd. (NASDAQ:TOTA) announced in an 8-K filing that its shareholders approved its combination with biopharmaceutical firm Clene Nanomedicine Inc. at a special meeting earlier today.
The transaction was approved unanimously with 92.3% of shares participating, however Tottenham did not divulge redemption figures in the filing. The company went into the vote with an estimated $11.02 per share in trust and previously saw 58.6% of its shares redeemed through a series of extension votes. But, having opened ahead of the vote at $11.88, any further redemptions were likely limited.
Tottenham initially announced its $542 million combination with Clene Nanomedicine on September 2. Clene has developed a novel orally administered drug platform that could potentially treat multiple sclerosis, Parkinson’s disease, and ALS, with one Phase 3 trial and multiple Phase 2 clinical studies ongoing. It is also launching two additional Phase 2 COVID-19 studies with a second nanotherapeutic asset, CNM-ZnAg, in Brazil and Russia.
Several measures up for a vote at the meeting passed unanimously, however 131,903 shares voted against a number of proposed amendments to the combined company’s charter. For a full list of measures on the ballot as well as vote tallies, click HERE.
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...