Tottenham Acquisition I in an 8-K filing announced that shareholders voted today in favor of the SPAC’s merger with Clene Nanomedicine.
Tottenham had sustained share redemptions of nearly 59 percent following deadline extension votes over the last several months. The proposed busines combination was announced in September.
Tottenham I and Clene in the filing also said they entered into a PIPE Agreement with 47 investors for the purchase of 2,254,500 shares of the combined company’s common stock at $10 per share, which was expected to generate an additioonal $22.5 million. The closing will take place immediately prior to the closing of the business combination with Clene.
Pursuant to the PIPE Agreements, investors will also receive a warrant to purchase one-half of one share of PubCo’s common stock for each of the PIPE Shares, totaling 1,127,250 shares, at an exercise price of $0.01 per share, subject to a 180-day holding period. The purpose of this private placement, the companies said, is to fund the business combination and related transactions and for general corporate purposes of the surviving entity. Read more.
