Phoenix Biotech Acquisition in an 8-K said today’s shareholder meeting to vote on a deadline extension has been pushed to Friday at 11 a.m. Eastern. The SPAC seeks approval for a deadline extension in monthly increments until Oct. 3, if necessary.
Phoenix Bitech last month announced a business combination agreement with CERo Therapeutics at a pro forma equity capitalization of $145 million.
Aassuming no redemptions, CERo would receive up to $13.7 million of cash held in the SPAC’s trust. The business combination reflects a pre-money equity value of $50 million for CERo and is subject to a minimum cash condition of $30 million, net of expenses, which is expected to be funded through the SPAC’s trust and additional financing, including investments from existing CERo stockholders via a PIPE.
The SPAC in December terminated a merger agreement with Intrinsic Medicine. Read more.
