Montes Archimedes Acquisition in an 8-K filing said stockholders voted in favor of combining with with biopharmaceutical and healthcare technology company Roivant Sciences.
The SPAC sustained redemptions of 38,400,312 shares, wiping out about 93.5% of its cash in trust.
Although the deal requires at least $210 million in the SPAC’s trust at closing, Roivant intends to waive the minimum cash condition, according to the filing. A $200 million PIPE is also in place to support the deal.
The transaction is expected to close tomorrow. Read more.
