Biotech Acquisition announced it was postponing for the second time this week a shareholder vote on the proposed merger with Blade Therapeutics. The original vote set for June 1 was postponed until today.
Now the vote has been delayed until a to-be determined later date, the SPAC said in a news release.
Although Biotech Acquisition reiterated that there are sufficient votes in place to approve the deal, the SPAC said it still needs more time to satisfy the closing conditions. One of those conditions 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. Read more.
