ARYA Sciences Acquisition IV today approved the first one-month extension on its deadline and deposited $111,000 into trust for the benefit of its shareholders. Tne new deadline is May 2.
Funds come from an unsecured promissory note of up to $1 million the SPAC issued to its sponsor.
ARYA Sciences IV in February signed a $113 million merger agreement with Adagio Medical, which develops catheter ablation technologies for treatment of cardiac arrhythmias.
If approved, upon closing Adagio Medical will become a subsidiary of Aja Holdco and list on the Nasdaq under the ticker symbol ADGM.
Investors have committed to provide $20 million in convertible debt (which includes bridge financing for the period between signing and closing) and $22 million in equity financing (which includes the non-redemption of cash in ARYA’s trust).
ARYA Sciences IV raised $130 million three years ago to focus on the healthcare industry in the United States and other developed countries. Read more.
