Genesis Growth Tech Acquisition filed a preliminary proxy and prospectus on its $21 million deal with MindMaze, a digital therapeutics firm.
Terms call for the SPAC to acquire all of the sponsor’s rights, title and interest in and to a portfolio of patents sold by MindMaze Group, which is a Swiss corporation.
The SPAC would pay the sponsor $1,000 and assume all of the obligations under the patent purchase agreement, including the obligation to pay MindMaze $21 million by May 31, and the obligation to share 50% of the gross amounts received under the patent purchase agreement with MindMaze after the threshold amount of $44 million is received by Genesis SPAC.
Founded in 2012, MindMaze is engaged in brain technology with a mission to accelerate humanity’s ability to recover, learn and adapt. With over a decade of work at the intersection of neuroscience, biosensing, engineering, mixed reality and artificial intelligence, the company on its website says it has enhanced the recovery potential of patients with neurological diseases.
Genesis Sponsor owns 6,325,000 Class B ordinary shares of the SPAC, representing approximately 98.7% of the outstanding ordinary shares, as well as 8,875,000 warrants to purchase 8,875,000 Class A ordinary shares at $11.50 per share.
The SPAC’s shareholders in September approved a deadline extension to Dec. 13, 2024. Redemptions were negligible.
Genesis Growth’s trust was nearly obliterated by redemptions in March 2023 ahead of an earlier extension vote. Then, in August, the SPAC mutually terminated a deal with NextTrip.
Genesis Growth Tech had raised $220 million in a December 2021 IPO. Read more.
