Maxpro Capital Acquisition in an 8-K said stockholders voted in favor of merging with Apollomics, a late-stage clinical biopharmaceutical company. About 26% of votes cast were opposed to the deal.
The SPAC also noted that 10,270,060 shares were redeemed in connection with the vote. That essentially wiped out Maxpro’s cash in trust, which originally stood at $105 million. However, last month the SPAC announced PIPE subscriptions totaling $23.65 million — more than enough to cover the $20 million minimum to close the deal.
Announced in September, the merger agreement valued Apollomics at a pre-money equity value of $899 million.
Apollomics’ pipeline of drug candidates includes late-stage clinical assets for the treatment of patients with difficult-to-treat cancers, in particular lung cancer and leukemia. Read more.
