10X Capital Venture Acquisition III announced that it is transferring the listing of its units, shares and warrants from the New York Stock Exchange to the NYSE American.
The decision to transfer “was motivated by several factors, including more favorable thresholds for continued listing on the NYSE American,” the SPAC said. Although the SPAC did not elaborate, regulatory filings show the company has been unbable to file a timely 10-Q several times this year with the SEC.
10X Capital Venture III in August announced a merger agreement with American Gene Technologies International at pre-money enterprise value of $500 million.
10X III and AGT have also entered into a non-binding letter of intent with Cantor Fitzgerald affiliate CF Principal Investments for a $50 million committed equity facility.
The transaction includes an earnout of up to $300 million tied to various clinical and priced-based milestones. Existing Addimmune stockholders will roll 100% of their equity into equity of the combined company.
The deal is expected to close in the first quarter of 2024.
10X III raised $261 million in a January 2022 IPO. Read more.
