Atlantic Coastal Acquisition II filed a prospectus and proxy outlining its proposed merger with Abpro at a deal value of approximately $500 million. The transaction 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. Abpro expects to trade on the Nasdaq if the deal is approved.
Atlantic Coastal II originally raised $250 million in a January 2022 IPO. Read more.
