Mountain Crest Acquisition III in a regulatory filing said it restruck merger terms with healthcare platform ETAO, cutting the deal value to $1 billion from the $2.5 billion announced in January. The outside date for closing the deal was extended from May 31 to Oct. 5.
The SPAC cited market conditions for the downward valuation, although Mountain Crest III also disclosed it had failed to secure a $51 million PIPE that had planned to close in February, as well as the uncertainty of a $250 million commitment in a private investment in the SPAC’s securities that is scheduled to close simultaneously with the business combination. Read more.
