European Biotech Acquisition in an 8-K announced its shareholders voted in favor of combining with Switzerland-based Oculis, an eyecare-focused biopharmaceutical company. Redemptions erased more than 90% of the SPAC’s trust, although the deal is expected to close tomorrow, subject to the satisfaction or waiver of certain conditions.
European Biotech in January increased its PIPE by nearly $7.9 million to a total of $76 million in support of the merger. The SPAC also secured a convertible loan agreement for $7 million. Under the convertible loan agreements, the lenders also granted Oculis a right to receive a convertible loan with certain conversion rights, in an aggregate amount of $19.67 million.
Announced in October, the merger was expected to deliver gross proceeds to Oculis in excess of $200 million, although that assumed no redemptions. That amount included approximately $127.5 million held at the time in the SPAC’s trust as well as the upsized PIPE. Read more.
