Capstar Special Purpose Acquisition in an 8-K filing today disclosed that 27,260,179 shares have been redeemed ahead of tomorrow’s shareholder vote on whether to merge with Gelesis, a biotherapeutics company focused on weight loss treatments and metabolic disorders. That leaves $3.4 million in the SPAC’s trust, according to the filing.
The redemptions included shares held by PIPE investors.
Capstar still expects to close the deal and satisfy the minimum cash condition, pending shareholder approval, by drawing on a backstop. The SPAC in November also lowered the Gelesis equity valuation from $900 million to $675 million. Read more.
