TenX Keane Acquisition in a regulatory filing said it made additional payments of $268,645 to redeeming shareholders based on an adjusted redemption price of $11.02 per share.
Stockholders redeemed 2,287,923 shares on an extension vote in January and received $10.90 per share, calculated based on the proxy record date, for approximately $24.9 million.
However, the redemption price should have been calculated as of two business days prior to the Jan. 12 meeting, at $11.02 per share.
TenX Keane last month filed a proxy and prospectus on deal with Citius Oncology, a subsidiary of Citius Pharma. Terms call for the target to receive 67.55 million shares and to retain 90% ownership.
As part of the transaction, Citius Pharma would contribute $10 million in cash to Citius Oncology. An additional 12.75 million existing options will be assumed by Citius Oncology.
At closing, any cash remaining in the TenX trust account along with the cash provided by Citius Pharma will be contributed to Citius Oncology to support ongoing operations and planned commercialization efforts.
TenX Keane initially raised $66 million in an October 2022 IPO. The SPAC has five more months it can use under the current extension plan. Read more.
