Denali Capital Acquisition said it arranged for the deposit of $50,000 to extend the completion deadline on combining with Longevity Biomedical to May 11. The SPAC’s shareholders approved the merger in January, although completing the financing appears to be at the root of the delay in closing.
Redemptions have removed most of the SPAC’s trust, although Longevity Biomedical in August agreed to waive the deal’s $30 million cash closing condition. Denali also has an $18 milion PIPE commitment with FutureTech Capital to support the transaction.
Longevity is focused on advancing new technologies across therapeutics, health monitoring and digital health solutions “to increase human health span.”
The deal was initially valued at $236 million when announced in January 2023. Read more.
