Mountain Crest Acquisition V convened and quickly adjourned a shareholders meeting yesterday afternoon on a merger extension proposal. The vote is now sdcvheduled for 5 p.m. today. The SPAC wants an extra three months — until May 16, 2023 to close its deal with AUM Biosciences Pte. Ltd. The merger reflects a pre-money equity value of $400 million for AUM. The deal was announced in October.
Terms call for the target to receive the approximately $69 million of cash held in Mountain Crest’s trust account, assuming no redemptions.
AUM is a clinical-stage biotechnology company advancing a pipeline designed to deploy multi-faceted inhibition strategies to reverse cancer resistance. Read more.
