Atlantic Coastal Acquisition II today filed an updated investor presentation on its proposed deal with Abpro, now at a purchase price of approximately $500 million. The deal was originally announced in September at an implied equity value of $725 million.
The target is a biotechnology company focused on next-generation antibody therapies for severe and life-threatening diseases.
The transaction is expected to be funded with a $37.6 million PIPE and the $7.2 million the SPAC holds in trust.
The deal is still expected to be completed in the second quarter.
Atlantic Coastal II originally raised $250 million in a January 2022 IPO.
Brookline Capital Markets, a Division of Arcadia Securities, acted as a financial advisor to Abpro. Read more.
