Eucrates Biomedical Acquisition said it will be unable to complete a merger by its April 27 deadline and so will redeem shares and dissolve, effective April 26. The redemption price is expected to be $10 per share.
Formed by outgoing Biogen chairman Stelios Papadopoulos, Eucrates raised $100 million in an IPO two and a half years ago.
Last October, shareholders granted the SPAC a six-month termination extension, although redemptions devoured 88% of the trust, leaving about $12.4 million. Read more.
