Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it has rescheduled its extension vote for a second time, now set for noon, February 10.
The SPAC is also now seeking pulling back the final length of the extension from September 11 to August 11. The sponsor is offering to contribute to the trust the lesser of $240,000 or $0.12 per share for the first three months of this extension. If it has not completed its combination with AEON Biopharma by May 11, then it will further contribute the lesser of $80,000 or $0.04 per share per month thereafter.
These contributions are to come in the form of unsecured promissory notes repayable once the combination is completed. If Priveterra does not complete a deal by the extended date, then these contributions will either be paid by funds outside the trust or will be forfeited or forgiven.
Shareholders have until February 8 to modify their redemption decisions in connection with the vote.
Priveterra inked its $201.8 million business combination with drug developer AEON on December 13, and now faces a completion deadline of February 11. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.
Earlier this month, the SPAC announced it secured $20 million in commitments from existing investors in connection to its business combination. Priveterra originally brought about $276 million into the deal through its current trust but aside from this month’s funding, it has not yet supplemented this with other committed sources of capital. It must maintain at least $45 million in cash available in order for the deal to close.
Terms Tracker for the Week Ending October 11, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week was sandwiched in between the Rosh Hashanah and Yom Kippur holidays, and as such, it was on the lighter side for news. In...
Much has been written about the rise and fall of companies from the last SPAC cycle. But, the turning tides of the past month would seem to suggest that perhaps more than a SPAC-specific trend, what the market saw was mostly macro factors all along. In the aggregate, the 199 companies that listed via DeSPAC...
At the SPAC of Dawn October is quickly catching up to last month’s SPAC IPO figures and is now pacing to break them with two more SPACs pricing last night. This comes amid continued signals that the IPOs of all kinds are not keeping up with rising market sentiment and a high demand for private...
Rising Dragon Acquisition Corp. announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RDACU”, Friday, October 11, 2024. The new SPAC does not plan to target a particular industry or geography in its combination search but plans to leverage the experience of...
Cohen Circle Acquisition Corp. I announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIRU”, Friday, October 11, 2024. The Company’s primary focus will be to identify companies in the financial services technology (fintech) sector and fintech adjacent sectors that power transformation...