Genesis Growth Tech Acquisition filed a proxy and prospectus on its $21 million deal with MindMaze, a digital therapeutics firm.
The sponsor is obligated to pay MindMaze the $21 million purchase price by May 31. The parties have also agreed to share certain revenues.
The SPAC’s sponsor currently owns 6,325,000 Class B shares, representing approximately 98.7% of the outstanding ordinary shares, and 8,875,000 warrants to purchase a like number of Class A shares at $11.50 each.
Genesis Growth Tech had raised $220 million in a December 2021 IPO, however, the SPAC lost almost all of its cash in trust to redemptions last year on extension votes.
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. Read more.
