Newcourt Acquisition announced today that it is still working to satisfy the closing conditions of its merger agreement with Psyence Bioscience. The SPAC’s shareholders approved the deal las week and Psyence agreed to waive the $30 million minimum cash condition to close.
Redemptions had pulled the SPAC’s trust down to about $2.1 million heading into the merger vote.
Newcourt shareholders approved an extension to Feb. 22 for closing the deal.
Among the closing requirements yet to be met is gaining Nasdaq approval to list on the exchange.
The target is a Toronto-based clinical-stage life science biotechnology company developing uses for nature-derived psilocybin in mental health and wellbeing. Read more.
