Priveterra Acquisition Corporation (PMGM) Adjourns Completion Vote Fourth Time
by Marlena Haddad on 2023-06-15 at 5:31pm

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this afternoon that it will adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time on June 21, marking the fourth adjournment for the meeting.

On June 13, the SPAC received a notice from The Nasdaq advising the company that for the last 30 consecutive business days, its market value of listed securities has been below the minimum of $35 million required for continued listing.

Priveterra’s securities will continue to trade on the Nasdaq, but it now has 180 calendar days, or until December 11, to regain compliance. In order to do so, PMGM must trade at or above a level such that its market value closes at or above $35 million for a minimum of ten consecutive business days. If the company fails to do this, then it will face a delisting. Privettera intends to monitor its market value and may consider implementing available options to regain its compliance.

The SPAC continues to state that it has been using this additional time during the postponement to further engage with its shareholders. Aside from voting on a proposal to approve the business combination, shareholders are also voting on proposals pertaining to the management’s powers to make certain governance changes and allowing the company to issue up to 39,913,926 upon close to comply with listing requirements.

Priveterra’s deal with AEON Biopharma includes a $40 million minimum cash condition, half of which has already been secured through a $20 million commitment from existing AEON investors at $7 per share.

But, the SPAC’s trust, originally totaling $276 million, has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes. It now has until August 11 to close the deal.

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

 

Recent Posts
by Nicholas Alan Clayton on 2024-06-13 at 12:39pm

After years of ratcheting up financial incentives to make and buy EVs, the world’s trade blocks are now rushing to stack up protectionist barriers, leaving the recent string of EV de-SPACs divided between them. Hong Kong-based EV maker Thunder Power may be the latest to join this increasingly complicated sector as Feutune Light (NASDAQ:FLVF) shareholders...

by Nicholas Alan Clayton on 2024-06-13 at 8:40am

At the SPAC of Dawn No news is good news appears to be the SPAC takeaway from CPI and Fed comments double-header yesterday. With inflation steady and one rate cut still expected for 2024, SPACs and de-SPACs in volatile sectors may now have a somewhat clearer flight path through the rest of the year. Fashion...

by Nicholas Alan Clayton on 2024-06-12 at 10:12am

Perceptive Capital Solutions Corp announced the pricing of its $75 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “PCSC”, Wednesday, June 12, 2024. The new SPAC intends to focus its target search on the North American and European life sciences and medical technology sectors where its management...

by Nicholas Alan Clayton on 2024-06-12 at 8:23am

At the SPAC of Dawn The ARYA team has been among the SPAC market’s most steady dealmakers and they dropped a new presentation this morning for ARYA Sciences IV‘s (NASDAQ:ARYD) pending combination with medical device manufacturer Adagio Medical. Much of the deck rehashes already released information, but it has given more texture on how the...

by Nicholas Alan Clayton on 2024-06-11 at 12:22pm

EQV Ventures (NYSE:EQV.U) is the largest SPAC to file since April 2023 as it seeks a $350 million IPO that reflects the ongoing experimentation in underwriting approaches over the last two months of 2024. It is BTIG’s first new SPAC filed for 2024, and it is structured to compensate the firm in a unique way....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved