Denali Capital (NASDAQ:DECA) announced this morning that its shareholders approved its combination with biotech firm Longevity during a special meeting yesterday, January 9.
The deal was overwhelmingly approved as holders of 5,196,327 shares voted in favor of the proposal while holders of just 10,100 shares cast their votes against it.
In connection with the meeting, shareholders holding 4,440,202 public shares opted to redeem their shares. In total, Denali saw an aggregate of 98.82% of its trust removed from redemptions, including from previous extension votes, leaving it with around $1 million post-vote.
In August, Denali added $18 million in equity funding to its combination with Longevity through the sale of newly issued series A preferred shares to FutureTech Capital. But, the amount of shares purchased was later decreased in November from 1,800,000 to 1,300,000, reducing the funding to $13 million.
When announcing the business combination, Denali noted it aimed to raise a $30 million PIPE and that it must provide $30 million in cash in order for the deal to close. However, this closing cash condition was later waived.
The parties have not yet disclosed a timeline for the closing of the combination, but upon completion, the combined company is expected to trade on the Nasdaq under the symbol “LBIO”.
Denali Capital initially announced its $236.2 million combination with Longevity in January 2023. Bothell, Washington-based Longevity is building a platform to consolidate a number of clinical-stage therapies, beginning with treatment candidates aiming to improve outcomes of certain vascular conditions as well as replace lost tissue.
Cantor Equity Partners I, Inc. (NASDAQ:CEPO) announced the pricing of its $200 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPO”, Tuesday, January 7, 2025. The new SPAC intends to take a generalist approach in searching for a business combination, but intend to focus on targets that...
Colombier II (NYSE:CLBR) has entered into a definitive agreement to combine with firearms retailer GrabAGun at an enterprise value of $196.5 million. The Dallas-based company sells guns, ammunition and accessories through a digitally native website in partnership with brick and mortar locations. The combined company is expected to trade on the NYSE under the symbol...
At the SPAC of Dawn This week comes with just five votes on the docket, but also 2025’s first new business combination. Colombier II‘s (NYSE:CLBR) tie-up with a firearms retailer marks a fitting start to a year of SPAC dealmaking just as a renewed Trump presidency takes charge and as conservative causes are on the...
Terms Tracker for the Week Ending January 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Thanks to both the Christmas and New Year’s holidays falling mid-week this year, it feels like markets have been treading water for a full two...
NewHold Investment Corp. III (NASDAQ:NHICU) has filed to return another repeat SPAC team to the mix aboard a $175 million vehicle that will be scanning the market for attractive technology targets. The new SPAC has some characteristics of a re-do, as it bears similar terms to the team’s last SPAC, NewHold II, which IPO’d in...