AUM Biosciences called off its proposed merger with Mountain Crest V, the SPAC disclosed in an 8-K.
Announced in October, the deal had a pre-money equity value of $400 million.
Terms had called for the target to receive the approximately $69 million of cash held in Mountain Crest’s trust account at deal announcement, although the SPAC’s shareholders redeemed more than 92% of the trust on an extension vote last month. Mountain Crest V had no other financing in place for the deal.
The SPAC’s termination deadline is February 2024. Read more.
