NorthStar Bio Ventures and Chardan Monterey Investments, as well as the NorthStar Sponsor — the co-sponsors of Monterey Innovation Acquisition (formerly Monterey Bio Acquisition) disclosed in an 8-K that they transferred 478,125 shares of the company’s common stock to the Chardan Co-Sponsor for a purchase price of $0.006 per share, which is the initial purchase price paid by the NorthStar Sponsor.
Three new directors will each receive 35,000 founder shares, according to the filing.
The SPAC raised $100 million in an October 2021 IPO to target the biotech industry, but has yet to announce a deal. Read more.
