Priveterra Acquisition Corporation (PMGM) Postpones Extension Vote Again
by Nicholas Alan Clayton on 2023-02-06 at 8:41am

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it has rescheduled its extension vote for a second time, now set for noon, February 10.

The SPAC is also now seeking pulling back the final length of the extension from September 11 to August 11. The sponsor is offering to contribute to the trust the lesser of $240,000 or $0.12 per share for the first three months of this extension. If it has not completed its combination with AEON Biopharma by May 11, then it will further contribute the lesser of $80,000 or $0.04 per share per month thereafter.

These contributions are to come in the form of unsecured promissory notes repayable once the combination is completed. If Priveterra does not complete a deal by the extended date, then these contributions will either be paid by funds outside the trust or will be forfeited or forgiven.

Shareholders have until February 8 to modify their redemption decisions in connection with the vote.

Priveterra inked its $201.8 million business combination with drug developer AEON on December 13, and now faces a completion deadline of February 11. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.

Earlier this month, the SPAC announced it secured $20 million in commitments from existing investors in connection to its business combination. Priveterra originally brought about $276 million into the deal through its current trust but aside from this month’s funding, it has not yet supplemented this with other committed sources of capital. It must maintain at least $45 million in cash available in order for the deal to close.

 

Recent Posts
by Nicholas Alan Clayton on 2025-02-03 at 8:15am

At the SPAC of Dawn  February is set to start with the jolt of a new potential trade war in North America. While some observers had expected tough trade action on China, the incoming administration’s decision to begin with 25% tariffs on the US’ biggest trading partners and neighbors, Mexico and Canada, and tariffs of...

by Kristi Marvin on 2025-02-01 at 10:02am

Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....

by Nicholas Alan Clayton on 2025-01-31 at 3:38pm

The shortest month of the year nonetheless features new liquidity events for nine SPAC sponsors and 10 de-SPACs that at least a trio of which can be excited about. The de-SPACs being released from lock-ups this month with most to gain will also in most cases be the ones that will have to wait until...

by Nicholas Alan Clayton on 2025-01-31 at 1:56pm

Fifth Era Acquisition Corp I (NASDAQ:FERAU) has filed for a $200 million SPAC to potentially make another run at a blockchain or crypto transaction after the team’s first attempt fell short of sealing a deal. The new SPAC is offering investors a right to a 1/10 share in each unit, but it is not overfunded...

by Nicholas Alan Clayton on 2025-01-31 at 8:18am

At the SPAC of Dawn  It’s a handy trick to be able to tell the market you’re undervalued and have it respond by doubling your market cap on the day. That is roughly what went down yesterday with retail technology firm Alpha Modus (NASDAQ:AMOD) yesterday. Its CEO William Alessi took to a press release to...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved