Priveterra Acquisition in an 8-K said today’s shareholder meeting to vote on a deadline extension has been postponed to Feb. 10. Redemptions can be withdrawn until Feb. 8, according to the filing. The SPAC’s current merger deadline is Feb. 11.
Shareholders were originally scheduled to vote last month on the extension, which was pushed back to today.
Priveterra has a deal in hand with AEON, a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions.
At deal announcement in December, terms called for Priveterra to acquire AEON for $165 million in stock, assuming no redemptions. Priveterra’s sponsor has also allocated 50% of its common stock to an earnout based on achievement of certain clinical milestones.
The companies announced last month that at least $20 million in additional funding has been committed by existing AEON investors in support of the deal. The commitments represent less than half of the $45 million minimum cash requirement for the transaction. Read more.
