AUM Biosciences Pte. Ltd. and Mountain Crest Acquisition V today announced a definitive business combination agreement that reflects a pre-money equity value of $400 million for AUM.
If approved, upon closing the combined company will operate under a holding entity to be formed as a Cayman Islands exempted company, which intends to trade on the Nasdaq under the ticker symbol AUMB.
The transaction is expected to close in the first quarter of 2023. Terms call for the target to receive the approximately $69 million of cash held in Mountain Crest’s trust account, assuming no redemptions.
AUM is a clinical-stage biotechnology company advancing a pipeline designed to deploy multi-faceted inhibition strategies to reverse cancer resistance, according to a press release. Read more.
