Healthwell Acquisition I in a proxy filing seeks a deadline extension from Dec. 5 to Aug. 2, 2024. A shareholder vote on the matter is scheduled for Dec. 4.
The SPAC has a merger agreement with Starton Therapeutics. A vote on the deal was pushed back twice in October, then postponed. The shareholder meeting was to be rescheduled “as soon as practicable,” the SPAC said at the time.
Starton develops drug delivery systems primarily for use in cancer therapies.
Deal terms call for a base consideration of $260 million, including $20 million of incentive shares provided to potential PIPE investors, subject to adjustments for debt (net of cash) and other adjustments.
In addition to the base consideration, existing Starton shareholders will have the right to receive contingent earnout consideration in the form of up to 25 million shares of the combined company’s stock payable in three tranches triggered as the company hits certain milestones.
As announced in April, the deal has a post-transaction enterprise value of $339 million. Read more.
