Petra Acquisition announced today that it secured backstop agreements and forward share purchase agreements for up to $12 million in connection with its proposed merger with Revelation Biosciences.
Terms call for Revelation to receive the $73 million of cash in Petra’s trust.
The backstop agreements and forward share purchase agreements were made with AXA Prime Impact Master Fund, Meteora Capital Partners, LifeSci Venture Partners, and other Petra and Revelation institutional and individual holders. Of the $12 million total, up to $2.5 million of convertible note financing obtained by Revelation from AXA Prime Impact Master Fund will be used to backstop redemptions. These backstop agreements and forward share purchase agreements should ensure the minimum cash condition is met, the SPAC said in a news release. Read more.
