Bull Horn Holdings in a regulatory filing said its shareholders granted a deadline extension from May 3 to Nov. 3, giving the SPAC an additional six months to close a proposed merger with Coeptis Therapeutics, a biopharmaceutical company developing cell therapy platforms for cancer.
Redemptions of $43 million left $32.7 million in the SPAC’s trust.
Bull Horn will deposit $66.5667 (about 2 cents per share) into the trust as a sweetner for winning the deadline extension.
As announced earlier this month, under the terms of the agreement a wholly-owned subsidiary of Bull Horn will merge with Coeptis and the holders of the outstanding Coeptis shares are to receive equity in Bull Horn valued at $175 million.
The SPAC may look to raise PIPE financing or attempt to restrike terms of the merger agreement to cover any deficit arising from the recent round of redemptions, although Bull Horn management has not yet disclosed plans for sealing the Coeptis deal. Read more.
