ZyVersa Therapeutics, a clinical stage specialty biopharmaceutical company leveraging advanced proprietary technologies to develop products for patients with renal or inflammatory diseases, and Larkspur Health Acquisition closed their business combination.
The SPAC in a subsequent 8-K filing following the shareholder vote disclosed that 99% of shares were redeemed, leaving about $1 million in trust.
However, the companies completed bridge financing offering to certain investors, pursuant to which 2,427,816 shares of Series A Convertible Preferred Stock of Old ZyVersa were automatically converted into 6,406,210 shares of Old ZyVersa common stock, and warrants to purchase 6,406,210 shares of common stock of Old ZyVersa were issued to certain investors. Immediately prior to the closing of the business combination, the Series A Bridge Shares converted into shares of the common stock of Old ZyVersa.
The SPAC also brought an $8.5 million PIPE to the deal.
ZyVersa’s common stock is expected to begin trading today on the Nasdaq under ticker symbol ZVSA.
The Benchmark Company LLC and Noble Capital Markets, Inc. are serving as financial advisors to ZyVersa, and Lowenstein Sandler LLP is serving as legal advisor to ZyVersa.
A.G.P./Alliance Global Partners, to which Manatt, Phelps & Phillips, is serving as legal advisor, is serving as the exclusive financial advisor to Larkspur. Alston & Bird is legal advisor to Larkspur. Read more.
