YS Biopharma and Summit Healthcare Acquisition announced that the SPAC’s sharehplders approved their business combination March 14. The deal is expected to close tomorrow.
YS Biopharma shares and warrants are expected to begin trading on the Nasdaq under the symbols YS and YSBPW on March 17.
YS Biopharma is a global biopharmaceutical company focusing on new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has a proprietary PIKA® immunomodulating technology platform and a portfolio of preventive and therapeutic biologics targeting rabies, coronavirus, Hepatitis B, influenza and shingles. YS Biopharma operates in China, the United States, Singapore, the United Arab Emirates, and the Philippines.
The business combination is expected to deliver approximately $36 million of gross proceeds to YS Biopharma. Redemption figures were not disclosed in the press release.
At deal announcement in September, the target was expected to receive up to $230 million in gross proceeds to YS Biopharma, including $30 million from forward purchase investors and up to approximately $200 million in Summit’s trust account at the time. Read more.
