SPK Acquisition filed a preliminary proxy seeking approval from shareholders for a deadline extension to complete its proposed merger with oncology therapeutics company Varian Biopharmaceuticals.
The proposal calls for two more three-month extensions, if necessary, from Sept. 10 until March 10, 2023.
The business combination is valued at $116 million. A date for the vote on the deadline extension has not yet been published.
Terms of the business combination call for Varian Bio to merge with a wholly owned subsidiary of SPK. The SPAC, which currently holds approximately $50 million in gross proceeds in trust, will be renamed Varian Biopharma if the merger is approved. The cash proceeds from the transactions are expected to fund manufacturing, pre-clinical and IND-enabling toxicology studies, and human clinical studies. Read more.
