Vickers Vantage I called a June 30 meeting for shareholdes to vote on another deadline extension. After securing an extension in April until July 11, the SPAC now wants to push the deadline back to Aug. 11.
After that, the SPAC would have up to five one-month extensions without seeking further shareholder approval.
Vickers Vantage I has a merger agreement with Scilex, a majority-owned subsidiary of Sorrento Therapeutics. Vickers in April said the deal would be subject to a waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. For most transactions that fall under the Act, the waiting period is 30 days.
The deal is expected to deliver up to $140 million held in the Vickers Vantage I trust account at closing before expenses, assuming no redemptions.
The SPAC’s sponsors have agreed to cancel 40% of their private warrants if redemptions exceed 75%. Read more.
