The board of LMF Acquisition Opportunities extended the merger deadline until Oct. 29, and plans to deposit $1,035,000 (10 cents a share) into the company’s trust. The extension provides the SPAC with more time to complete its proposed business combination with SeaStar Medical, which is developing anti-inflammatory therapies.
Announced in April, the deal has a combined enterprise value of $85 million.
The SPAC, which in abbreviated form is LMFAO, raised $90 million in a January 2021 IPO with plans at that time to focus on acquiring a business within the financial services industry and related sectors, including FinTech. The company was focusing on acquisitions with an enterprise value of approximately $250 million to $500 million.
The Dow Chemical Company Pension Plans, as existing investors of SeaStar Medical, are participating in a PIPE supporting the deal. Read more.
