Biotech Acquisition Company (NASDAQ:NAAC) announced this morning that it has for a second time postponed its special meeting to approve its combination with Blade Therapeutics.
This meeting was first pushed back from June 1 and the SPAC has not yet set a new date. As with the previous postponement, Biotech noted that it has obtained sufficient votes to approve the transaction but it needs additional time to satisfy all closing conditions. The record date for the vote remains unchanged as March 28.
Biotech is required to maintain at least $75 million in cash available through its trust and PIPE proceeds in order for the deal to close. It initially announced a $24.3 million PIPE and signed a common stock purchase agreement on May 9 with an affiliate of Cantor Fitzgerald for it to purchase up to $75 million in the combined company’s shares post-close.
Biotech, which raised $230 million at IPO, initially announced its $352.8 million deal with Blade Therapeutics on November 8. San Francisco-based Blade Therapeutics is developing three drug candidates as potential therapies against varying forms of organ fibrosis with its most advanced having completed Phase I.
In April, Blade announced that the FDA has provided the feedback necessary in order for it to proceed to Phase II proof of concept and dose-ranging studies for its cudetaxestat drug candidate.
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...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...