Vickers Vantage I announced today that it has further extended the time it has to complete a merger by an additional three months to July 11. The SPAC’s sponsors have deposited $1.035 million into the trust account to secure the extension. The sponsors had pumped $1 million into the SPAC’s trust in January for a three-month deadline extension that was due to expire today.
The SPAC last month signed a merger agreement with Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics at a pro forma equity value post-money of $1.64 billion. Sorrento is a biopharmaceutical company focused on developing and commercializing non-opioid therapies for patients with acute and chronic pain. The deal is expected to close in the third quarter if the SPAC’s shareholders approve.
If Vickers Vantage I is unable to complete a business combination by the new deadline or extend it by another three months, the SPAC said it will liquidate. Read more.
