Summit Healthcare (NASDAQ:SMIH) announced that its shareholders have approved its combination with drug-maker YS Biopharma at a special meeting held earlier today.
The SPAC did not disclose redemption figures, but noted that the transaction is expected to deliver approximately $36 million in gross proceeds, which are expected to be used for the clinical development and future commercialization of the company’s vaccines.
The parties expect to officially close the deal on Thursday, March 16, 2023. YS Biopharma will remain as the combined company and its shares and warrants are expected to begin trading on the Nasdaq Capital Market under the symbols “YS” and “YSBPW,” respectively, on Friday, March 17, 2023.
Summit announced the $1 billion deal with YS Biopharma in September 2022. The Beijing-based company currently makes a rabies vaccine for the Chinese market and is working to commercialize a range of new vaccines and other treatments.
Upon closing of the transaction, Mr. Bo Tan, the CEO, Co-Chief Investment Officer, and director of Summit, will join YS Biopharma’s board of directors. The board of directors of YS Biopharma will consist of seven directors, including two current directors of YS Biopharma, Mr. Bo Tan, and four independent directors.
ADVISORS
- Wilson Sonsini Goodrich & Rosati is serving as legal advisors to YS Biopharma
- Jingtian & Gongcheng is serving as legal advisors to YS Biopharma
- Maples Group is serving as legal advisors to YS Biopharma
- Cooley LLP and Ogier are serving as legal advisors to Summit
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director DWAC rises in wake of Donald Trump’s indictment Shares of Digital World...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13. The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures...
Latest SPAC Liquidations: JAWS Juggernaut Acquisition Corp., Talon 1 Acquisition Corp. JAWS Juggernaut Acquisition Corporation (JUGG) to Liquidate on June 22 JAWS Juggernaut Acquisition Corporation (Nasdaq: JUGG) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the...
Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power. The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust. NET Power is to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial BlackSky and Momentus Win Contracts Momentus (NASDAQ:MNTS) has won a contract with Apogeo...