Financial Strategies Acquisition Corp. (Nasdaq: FXCO) (“FXCO”)(the “Company”)., a Special Purpose Acquisition Company led by CEO Alexander V. Schinzing, today announced the execution of a definitive business combination agreement with Austin Biosciences
If approved by the SPAC’s stockholders, Austin Biosciences is expected to list on the Nasdaq under the ticker symbol ASTN.
Terms call for Austin Biosciences’s shareholders to receive 12.5 million shares of FXCO’s Class A common stock in exchange for all of the target’s capital stock, with the valuation and allocation of shares subject to a fairness opinion and adjustment upon closing. Assuming no redemptions, the market capitalization of the combined companies will be approximately $166.3 million.
The SPAC estimates that the current shareholders of Austin Biosciences will own approximately 75% of the combined companies at closing. The transaction is expected to close in the second quarter of 2023.
Austin Biosciences is a preclinical pharmaceutical company with multiple, proprietary product candidates focused on improvements to existing FDA approved cancer treatment therapies to make them more bioavailable, less toxic and more soluble. Read more.
