Iris Acquisition in an 8-K said stockholders approved a deadline extension to Dec. 9, with an additional three months available at the board’s discretion. In return, the sponsor will deposit the lesser of $50,000 or 3.5 cents a share into trust for every month required.
Redemptions of 1,006,495 shares at a price of approximately $10.28 per share, left about $4.2 million in the SPAC’s trust, with 406,609 shares outstanding.
When Iris announced a deal in December 2022 with Liminatus Pharma, at a pro forma enterprise value of $334 million, the combined company was expected to receive gross cash proceeds of up to $316 million. That included the $276 million in Iris’ trust account at the time and concurrent, committed $15 million in PIPE financing, plus $25 million in convertible note financing. Read more.
