Based on discussions with the Nasdaq, SEP Acquisition in an 8-K said it and merger partner SANUWAVE Health determined that the combined company was unlikely to be able to meet Nasdaq listing requirements and withdrew its listing application in order to submit an application to the Cboe BZX Exchange. This application is currently under review.
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.
