OTR Acquisition in a regulatory filing said 10,389,363 shares were redeemed ahead of the favorable vote to merge with Comera Life Sciences last week. However, stockholders of 395,000 shares reversed their redemption election, OTR said in today’s filing. That left redemptions at 9,994,363 shares.
Given Wednesday’s expected closing date, the SPAC said it will allow further redeeming shareholders to reverse their decision until 4: p.m. ET tomorrow. . OTR said redemption reversals would be capped at $10 million (approximately 975,600 shares at $10.25 each).
OTR raised about $107 million in an IPO and PIPE in November 2020, which means redemptions virtually wiped out the SPAC’s cash in trust.
As announced in January, the deal was expected to provide approximately $107 million in gross proceeds from the cash held in trust by OTR.
Comera is developing a new generation of bio-innovative biologic medicines. Read more.
