Biotech Acquisition today in a press release said it is pushing back the shareholder vote on its proposed merger with Blade Therapeutics to June 3. It had been scheduled for tomorrow.
Although the SPAC said it has the votes needed to approve the deal, more time is needed to satisfy the closing conditions. The press release did not elaborate.
The merger agreement calls for minimum cash consideration of $75 million.
Biotech earlier this month in a regulatory filing said it had entered into a common stock purchase agreement with CF Principal Investments, an affiliate of Cantor Fitzgerald, for up to $75 million, but that doesn’t go into effect if and until the Blade merger closes.
As announced in November, the transaction is expected to provide a pro forma cash balance of approximately $254.3 million before deducting estimated expenses of $25 million and including an approximately $24.3 million PIPE, as well as the $230 million in the SPAC’s trust, which assumes no redemptions.
The SPAC raiused about $230 million in a January 2021 IPO. Read more.
