Biotech-focused 5:01 Acquisition said it will redeem all outstanding shares and shut down business operations effective Oct. 17, as its merger deadline will expire without a deal.
The SPAC raised $80 million in an IPO two years ago with plans to focus on early stage North American or European companies in the biotechnology sector of the healthcare industry.
The per-share redemption price will be approximately $10. The SPAC’s IPO did not include warrants.
The sponsor has waived its redemption rights to the outstanding founder shares and private placement shares. Read more.
