Bellevue Life Sciences Acquisition said it issued an unsecured promissory note for $60,000 to Josh Pan, a member of Bellevue Capital Management, which wholly owns Bellevue Global Life Sciences Investors, the SPAC’s sponsor. The note is due by Aug. 8 or when the SPAC closes a deal, whichever is earlier.
The SPAC in November announced a merger agreement with OSR Holdings Co., Ltd., a global healthcare holding company.
Bellevue Life Sciences in July had signed an exclusive, non-binding letter of intent with OSR. Peter Kuk Hyoun Hwang is CEO of both companies.
The SPAC lost about 38% of its trust to redemptions on an extension vote late last year. The SPAC had raised $69 million in a February IPO.
Bellevue Life Sciences will own at least 60% of the new OSR outstanding shares, with the right to acquire the remainder.
The merged company would be named OSR Biosciences and its common stock and warrants would list on the Nasdaq Capital Market under new ticker symbols. Read more.
