Monterey Innovation Acquisition in an 8-K said its co-sponsors, NorthStar Bio Ventures and Chardan Monterey Investments, have decided not to fund further monthly extension payments into trust.
The SPAC’s deadline following an extension vote last summer was to be April 2024, provided the sponsors deposited $100,000 into trust for each month.
Because Monterey Innovation has now missed its Nov. 5 deadline to seal a deal, the SPAC will liquidate. The redemption date is Nov. 20, although a redemption price per share was not disclosed in the filing.
The SPAC raised $100 million in an October 2021 IPO to target the biotech industry. Read more.
