After adjourning a merger vote seven times in two weeks, Priveterra Acquisition announced that up to $125 million in new funding has been arranged to seal its deal with AEON Biopharma.
The funding includes approximately $50 million (including $20 million previously announced) of committed financing from existing and new AEON investors as well as the cash remaining in Priveterra’s trust account after redemptions.
This would provide the capital necessary to complete the proposed business combination under the terms of the definitive agreement between AEON and Priveterra.
While the SPAC now has more than enough funding to cover the $45 million minimum cash condition to close, the shareholder vote on the deal has been adjourned for the eighth time and is now set for Monday.
The parties expect to close the deal next month. Priveterra’s deadline is Aug. 11.
The $125 million also includes up to $75 million of potential financing from forward purchase agreements entered into by Priveterra and third-party financing providers.
AEON is a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions. Read more.
