Newcourt (NASDAQ:NCAC) announced this morning that its shareholders approved its combination with psychedelic medicine company Psyence (CSE:PSYG) during a special meeting yesterday, January 18.
Shareholders opted to redeem 929,727 shares at a redemption price of approximately $11.51 per share in connection with the vote, removing about $10.7 million from Newcourt’s trust and leaving it with 183,294 public shares outstanding and about $2.1 million in trust.
But, earlier this week, the SPAC secured $12.5 million in convertible notes for its deal. The parties also agreed to waive the minimum cash closing condition of $20 million and the investment condition stating that the PIPE should be ready to occur concurrently with the closing.
Newcourt has not yet disclosed a timeline for the closing of the combination, but upon completion, the combined company is expected to continue to trade on both the Nasdaq and the Canadian Securities Exchange.
The SPAC announced its deal with Psyence in January 2023. The Canada-listed company is developing psychedelic drug candidates to potentially treat patients in palliative care and those with severe psychological conditions.
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