Ignyte Acquisition in an 8-K filing said it added $3.025 million to its PIPE agreement through the sale of warrants, following shareholder approval of its merger with Peak Bio. The SPAC’s sponsor agreed to transfer 20,167 shares it held over to Knight Family Management in consideration for Knight Family’s services arranging for the commitment by other investors to fund the PIPE.
The SPAC also said it had executed a bridge loan PIPE subscription to certain Peak Bio lenders. That agreement calls for the SPAC to sell PIPE shares and warrants to the lenders at a penny per share in exchange for their cancellation of $1.75 million in promissory notes plus interest.
The original $15 million PIPE was terminated.
Ignyte Acquisition stockholders last week voted to approve the merger with Peak Bio, a biopharmaceutical company. Approximately 75% of voting shares were in support of the deal. Read more.
