SEP Acquisition in an 8-K said it has pushed the termination date on its merger with SANUWAVE Health from April 30 to May 31. If the transaction does not close by the new deadline, either party can walk awaty.
The SPAC’s shareholders voted in favor of the deal in January.
The SPAC has lost just over 95% of its shares to redemptions on extensions since its $170 million IPO in July 2021. Formerly Mercury Ecommerce Acquisition, the SPAC was renamed in January 2023.
Approximately $8.5 million of capital has already been committed, including $7 of SEP shares held by investors affiliated with Sweat Equity Partners and Mercury Life Sciences who have agreed to enter into voting and non-redemption agreements.
SANUWAVE Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures. Read more.
