BlueRiver Acquisition Sweetens Trust Deposit Offer for an Extension of up to 6 More Months

BlueRiver Acquisition

BlueRiver Acquisition in an amended proxy filing said its sponsor will deposit 2.5 cents a share into trust if stockholders approve a deadline extension up to Aug. 2. That’s up from 2 cents a share noted in the initial proxy on the extension proposal.

The trust as of Jan. 31 held approximately $20,259,645 or about $10.8171 per share.  

The SPAC in July last year announced a merger deal with Spinal Stabilization Technologies, a medical device company focused on developing and then commercializing a proprietary lumbar implant for nucleus pulposus replacement to alleviate certain types of lower back pain. The combined company would have an estimated post-transaction enterprise value of approximately $302 million. That figure assumed a proposed $40 million PIPE and 100% redemptions by BlueRiver shareholders.

Spinal Stabilization Technologies is not mentioned in the latest proxy for an extension, nor the amended document. Read more.

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