Priveterra Acquisition Corporation (PMGM) Pushes Completion Vote to June 9
by Nicholas Alan Clayton on 2023-06-06 at 7:23am

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9.

The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional proposals pertaining to the management’s powers to make certain governance changes and issue shares.

Among these is a proposal allowing the company to issue up to 39,913,926 upon close to comply with NYSE listing requirements.

Priveterra has already secured half of the transaction’s $40 million minimum cash condition through a $20 million commitment from existing AEON investors at $7 per share. But, the SPAC has very little wiggle room for making up the rest as its trust has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes.

At its extension vote in February, Priveterra postponed the meeting twice and made slight concessions in between. 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