Big Cypress Acquisition in an 8-K filing today disclosed it entered into a forward share purchase agreement with Radcliffe SPAC Master Fund, under which Radcliffe agrees not to sell its stake in the SPAC until at least 90 days after Big Cypress completes its acquisition of SAB Biotherapeutics.
At that time, the SPAC would agree to purchase up to approximately 1.4 million of Radcliffe’s shares at $10.10 per share.
In exchange for the SPAC’s commitment to purchase the Radcliffe shares, Radcliffe agrees to continue to hold, and not offer, sell, contract to sell, pledge, transfer, assign, or otherwise dispose of, directly or indirectly, or hedge — including any short sales — prior to the closing. Big Cypress will pay a $50,000 fee to Radcliffe as part of the purchase agreement.
The proposed transaction implies an enterprise value for SAB, on a post-merger basis, of approximately $325 million and is expected to provide the combined company with approximately $118 million. Read more.
