Capstar Special Purpose Acquisition in an 8-K filing disclosed that its shareholders voted in favor of merging with Gelesis, a biotherapeutics company focused on weight loss treatments and metabolic disorders.
The SPAC previously disclosed this week that redemptions ahead of the shareholder meeting wiped out all but $3.4 million in the Capstar trust. All told, about 88% of the shares outstanding — or 27.26 million shares — were redeemed, including some held by PIPE investors.
Capstar still expects to satisfy the minimum cash condition by drawing on a backstop. The SPAC in November also lowered the Gelesis equity valuation from $900 million to $675 million. Read more.
