Denali Capital Acquisition in an 8-K said it amended a PIPE subscription agreement with FutureTech Capital, lowering the number of shares to 1.3 million from the original 1.8 million, priced at $10 each.
FutureTech will receive two warrants for each share of the preferred stock purchased, with each warrant being exercisable for a period of five years that commences upon the six-month anniversary of the closing, for one share at an exercise price of $8 each.
The PIPE supports the SPAC’s proposed acquisition of Longevity Biomedical.
Denali shareholders last month voted in favor of pushing the SPAC’s completion deadline to July 11, 2024 in nine monthly increments.
Longevity Biomedical in August agreed to waive the deal’s $30 million cash closing condition. Read more.
