GX Acquisition in an 8-K filing today said its shareholders voted in favor of the proposed $372 million business combination with Celularity, a a clinical-stage biotechnology company.
The vote was 14,241,615 to approve and 1,503,835 against, the SPAC noted in the filing.
Stockholders holding 9,174,705 shares exercised their redemption rights at a price of approximately $10.20 per share. As a result, approximately $93.6 million in cash will be removed from the trust account.
Additionally, GX Acquisition shareholders in May voted to approve a dealine extension until July 31 for the SPAC to complete its merger with Celularity, however, redemptions connected to that vote totaled $164.1 million.
The SPAC had raised $287.5 million in May 2019.
GX now has approximately $128 million in trust. An $80 million PIPE is part of the merger agreement.
The SPAC had agreed before the vote to deposit 2.5 cents per share for every month of the extension if approved, up to 5.65 cents a share.
The latest 8-K filing does not outline whether additional PIPE investment would be needed to seal the deal. Read more.
