Omnichannel Prices $200M IPO

In March, the original management team sold the sponsor holdings to a new team, which signed a definitive merger agreement with Israel-based Regentis Biomaterials at a $95 million valuation. However, the Nasdaq responded that the SPAC's minimum market value still had not been met within the complaince period, leading to the decision to suspend trading.

The SPAC said it intends to enter into non-redemption agreements covering up to 4 million shares. In return, the sponsor has agreed to transfer to the participating investors a number of founder shares equal to 21% of the non-redeemed shares, and for each additional monthly extension, will distribute the the parties founder shares equal to 3.5% of non-redeemed shares.