BlueRiver (NYSE:BLUA) announced this afternoon that it has postponed its July 28 extension vote to 4 pm ET on August 2, marking the SPAC’s second postponement of the meeting.
As a result of the postponement, the SPAC will also extend the redemption deadline to July 31. Shareholders at the meeting will vote on a proposal allowing BlueRiver to extend its transaction deadline by six months, pushing it to February 2, 2024.
At the time of the first postponement, BlueRiver only had a non-binding letter of intent with a medtech target and had not released further details on the proposed transaction.
But, earlier this week, BlueRiver announced it had entered into a definitive agreement to combine with medtech firm Spinal Stabilization Technologies (“SST”) at a pre-money equity value of $240 million. Kilkenny City, Ireland-headquartered SST is developing a medical device that could implant a replacement lumbar disc in a patient’s spine through less invasive means than existing surgical techniques.
The SPAC has an estimated $20.5 million in its current trust after seeing 93% of shares redeemed in a January extension vote. Additionally, the parties aim to supplement this with a PIPE of up to $40 million.
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