FS Development (NASDAQ:FSDC) showed in an 8-K filing that its shareholders approved its combination with biotech firm Gemini Therapeutics, when at a special meeting earlier today only 100 shares redeemed.
This low redemption number is not too much of a surprise as the company opened at $13.06 ahead of the vote, and its share price has never dipped below its pro rata trust value. The filing did not include a timeline for the transaction’s close, but it should not be far off. GMNI is anticipated to be the new symbol for the share.
FS Development initially announced its $265.6 million deal with Gemini on October 15. Gemini is a clinical stage precision medicine company developing treatments for age-related macular degeneration (AMD) by developing drugging strategies that are matched to specific genetic mutations.
All measures on the special meeting’s ballot passed by wide margins with about 75.8% of shares participating. About 19% of shares voted against certain governance measures giving additional powers to the Board, however. For a full list of proposals and vote tallies, click HERE.
ADVISORS
- Jefferies LLC and SVB Leerink acted as co-lead private placement agents for FS Development Corp.
- Jefferies LLC also acted as lead financial and capital markets advisor to FS Development Corp.
- Goldman Sachs & Co. LLC acted as lead financial advisor to Gemini in the transaction.
- Stifel acted as additional capital markets advisor to Gemini.
- Goodwin Procter LLP acted as legal counsel to Gemini.
- White & Case LLP acted as legal counsel to FS Development Corp.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...