Brookline Capital Acquisition shareholders voted in favor of pushing the SPAC’s merger deadline back to Nov. 2 to allow more time to complete a business combination with Apexigen, a clinical-stage biopharmaceutical company.
Redemptions ahead of the shareholder vote erased 12% of Brookline’s trust, the SPAC disclosed in a regulatory filing. Following the redemptions, approximately $51.1 million remains in trust.
There is no minimum cash condition for closing this deal, according to the S-4 filed earlier this month (p. 41).
The Apexigen deal values the merged enterprise at $205 million.
As announced in March, terms call for gross proceeds to the combined of approximately $73 million. At the time, that amount included the $58 million in in Brookline Capital’s trust and $15 million from a fully committed PIPE that includes participation from healthcare institutional and individual investors. This does not include proceeds from Lincoln Park Capital’s $50 million committed equity line. Read more.
